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Shree cement long opportunity

Stock -> Shree Cement
TimeFrame -> Weekly

Hello all!
Shree Cement has been moving in a channel since Feb 2016. It came back to its lower channel trendline, bounced back with extremely high volumes and also broke trendline 1. I believe it makes for a good opportunity to go long!

There are multiple other factors that strengthen my conviction on going long:

-Support from both 50 and 200-week EMA
-Support from both 50 and 200 daily EMA
-Presence of a strong support zone

The Risk reward ratio is also decent. The ideal place for entry would be at the retest of trendline 1, although a few quantities of the stock can be bought at the Current market price.

*NOT A CALL*

#shreecement #technicalanalysis #stocktrading #swingtrading #nifty #markets #trading #investing

Traders_Town

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