Positional Trade Setup in Granules

已更新

"Ek Onkar"

Hello Traders,
We see a healthy correction of 30% in Granules. After the phase of correction the price is consolidating around the moving averages of 20, 50, 100 and 200 levels. Now the arrangement of the lines of moving averages indicates the start of a Bull run. Potentially the price has a strength to move 20 to 30% from these levels in 5 to 6 months. But I prefer to trade based on the technical data.

Technical data is as follows:

Chart Type - Heikin Ashi
Time Frame - Weekly
Trade Type - Positional (8 to 10 weeks)

Correction - High 381 / Low 267.75
30% correction from Oct22 to Mar23

Fib Retracement - 61.80% level 334.10 (Important level for breakout)

LTP - 311.10
20ema - 300.80
50ema - 302.49
100ema - 300.77
200ema - 274.69

https://in.tradingview.com/chart/qjJ7rfVh/

Note: The price is trading above all the moving averages.
We have a green bullish HA candle followed by a doji candle at the low of a bearish trend.

Trade Setup:
Wait for the breakout of 334.10
From these levels the price will try to test its recent high of 381.
Potentially the price has a strength to move 20 to 30% from these levels in 5 to 6 months but we follow the trend analysis.

Other updates will be updated in the update section of the post.
This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. This material is only for educational purposes.

Thanks
Sardar Simranjit Singh Virdi

註釋

Boom, we have a green HA candle with a strong body. It indicates the start of a bull run. Also the MACD indicator is positive.

註釋

Let's take a reference from the Guppy Multiple Moving Averages indicator.
It shows a strong breakout of moving averages.

註釋

The daily chart is showing a pause in the up trend. But the overall structure is strong.

註釋

The daily chart shows the price will continue its up trend.
Note: The trend line on the daily chart is the trend line of the weekly chart. Because we are tracking the stock for positional trade on the weekly chart.

註釋

Today again we have a strong bullish HA candle. Boom

註釋

Daily Chart
Uptrend continues as we have a strong HA green candle.

註釋

Weekly Chart
The chart has a strong momentum.

註釋

Granules Daily Chart: Today's HA weak body candle with lower and upper wick indicates a pause in the trend. Also the price is taking support from the retracement level of 23.60% which is 326 and the level of 338 will act as a Resistance.

註釋

Granules: Today we have a doji like red HA candle which indicates the trend reversal. If the level of 326.35 is broken then the next level to watch is 319.
But the Weekly chart is in a strong uptrend.