Renuka Sugar.. good for swing trading!!
Hello 👋
* Stock is in uptrend
* On monthly chart its a bull flag pattern made
* Price is in downward channel since Apr 22.. now the upper channel is broken last week with huge volume.
* Good volumes since few months as it's a healthy buyer's participation.
* Latest govt policy related to hike in ethenol prices can be pushed to sugar industry to recover more..
* Previous high was 55 ..if stock sustain above it..then can be touched next pivots as 60 & 62..
* The bracket which drawn on chart is like a demand & supply zone... If stock sustain above it then can be gain positive momentum towards ATH.
Ultimately sugar industry all n all Fully depends upon govt obligation.. so be sure that you take minimum risk to protect your capital.
It's my view, plz DYOA. No buy or sell recommendation 🙏
Please boost my idea if you find it useful 😉
Thank you 😊
* Stock is in uptrend
* On monthly chart its a bull flag pattern made
* Price is in downward channel since Apr 22.. now the upper channel is broken last week with huge volume.
* Good volumes since few months as it's a healthy buyer's participation.
* Latest govt policy related to hike in ethenol prices can be pushed to sugar industry to recover more..
* Previous high was 55 ..if stock sustain above it..then can be touched next pivots as 60 & 62..
* The bracket which drawn on chart is like a demand & supply zone... If stock sustain above it then can be gain positive momentum towards ATH.
Ultimately sugar industry all n all Fully depends upon govt obligation.. so be sure that you take minimum risk to protect your capital.
It's my view, plz DYOA. No buy or sell recommendation 🙏
Please boost my idea if you find it useful 😉
Thank you 😊
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