This chart is made at the request of @Santosh7856. CMP 143
Even though the stock has finally broken the resistance of the recent ascending parallel channel which is a great sign, the stock still faces 2 resistances from long descending parallel channels i.e from September 2016 and June 2018.
The catch here is the stock looks positive and is supported by MACD as well but only because Nifty might need to take a breather after such a long rally which is why I am in doubt and would ideally not enter at this moment.
Above 158 is quite safe to enter for a long journey as it becomes a very strong support.
The immediate 2 targets are indicated in green lines with the percentage of expected returns.
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Thanks for sharing your valueable view. Could not enter into trade due to little bit late. Please keep sharing...I appreciate your efforts.
CuriousChartist
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@suhas_k, Well, my call was a safe buy above 158 so in that respect you aren't actually late. Further, with the nifty unclear in its direction and China border tensions I prefer to watch and trade only after a confirmation.
suhas_k
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@CautiousChartist,
Thank you very much for very valuable information and suggestions. I appreciate.
CuriousChartist
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@suhas_k This is why confirmations are so important. The second resistance has been really strong. Never a good idea to steal small profits unless u know precisely when to sell.
SanZ3
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Thanks for your efforts. Entered at 141 and holding, was in assumption that it would reach 160. Guess, for now I'll take minimal profit and exit and re enter above 158 as per your advise. Appreciate it 😊
CuriousChartist
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@Santosh7856 Good Luck.
CuriousChartist
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@Santosh7856 Well first of all if it reaches there then it would suggest the strength of the stock since it has broken out after a very long time. In such a case keep a trailing Stop loss and ride the stock. You never know how it may beat all our expectations.
SanZ3
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Agree ! Alternatively, looking to re enter at lower levels of Aarti Drugs share. I had a glance of your Parabolic view of Aarti Drugs as well, it's awesome.
CuriousChartist
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@Santosh7856 Thank you 🙂 but honestly I wasn't very accurate there. Learning with experience, so I'm waiting for the correct reversal to see where exactly I erred.