COROMANDEL : completing its Correction structure
Swing Trading Opportunity 🚀
Symbol: COROMANDEL
Timeframe: Daily Chart 📅
Current Price: ₹1,670.30 (as of Feb 25, 2023, 08:45 UTC)
Target: ₹1,947–1,986 (Swing Target) 🎯
Stop Loss: ₹1,600.00 (Day Close Basis) ⚠️
Support Level: ₹1,505.05 (Extended Retracement Zone) 🛡️
Overview:
Coromandel International Ltd. (COROMANDEL) is flashing a thrilling opportunity on the daily chart, perfect for swing traders looking to capitalize on a potential upward move! 🌟 After a sharp pullback, the stock has found its footing in the extended retracement zone around ₹1,505.05, setting the stage for a bullish reversal. The price is currently consolidating near ₹1,670.30, with signs of completing wave C in an Elliott Wave pattern, signaling a possible breakout to new highs. 😎
Entry Strategy:
Jump into a long position near the current price of ₹1,670.30 or wait for a confirmed breakout above point (B) on the chart (around ₹1,760.00). This buying zone, marked between ₹1,658–1,825, aligns with the completion of wave C and offers a prime entry point for traders. 🏃♂️ For maximum upside, consider entering as volume picks up and the price pushes through resistance.
Target:
Aim for the swing target of ₹1,947–1,986, based on the upper boundary of the projected wave structure and historical resistance levels. This represents a potential upside of 16–19% from the current price, making it an exciting reward for risk-takers! 🚀
Stop Loss:
Set a tight stop loss at ₹1,600.00 (day close basis) to protect against any unexpected drops. This level is just below the extended retracement zone at ₹1,505.05, ensuring you’re safeguarded while allowing for normal market volatility. 🛑
Risk Management:
Risk-to-Reward Ratio: Approximately 1:4, offering a golden opportunity with the target range of ₹1,947–1,986 and stop loss at ₹1,600.00. 🏆
Position Sizing: Keep your position size in check with your risk tolerance, limiting losses to 1–2% of your trading capital. 📊
Watch Key Levels: Monitor points (A), (B), (C), (3), (4), and (5) on the chart for confirmation of the wave pattern and momentum shifts. 🔍
Rationale:
The chart reveals a classic Elliott Wave pattern, with the stock completing wave C near ₹1,670.30 and setting up for a strong upward move to wave (5). The extended retracement zone at ₹1,505.05 acts as a solid support, while the buying zone (₹1,658–1,825) suggests institutional accumulation. This setup screams bullish potential through 2025, making it a must-watch for traders! 🐂
Disclaimer:
This is not financial advice. Trade at your own risk and do your due diligence before taking any position. Market conditions can change faster than a lightning bolt, and past performance isn’t a guarantee of future results. ⚡
Stay tuned for updates, and happy trading! 🚀✨
Symbol: COROMANDEL
Timeframe: Daily Chart 📅
Current Price: ₹1,670.30 (as of Feb 25, 2023, 08:45 UTC)
Target: ₹1,947–1,986 (Swing Target) 🎯
Stop Loss: ₹1,600.00 (Day Close Basis) ⚠️
Support Level: ₹1,505.05 (Extended Retracement Zone) 🛡️
Overview:
Coromandel International Ltd. (COROMANDEL) is flashing a thrilling opportunity on the daily chart, perfect for swing traders looking to capitalize on a potential upward move! 🌟 After a sharp pullback, the stock has found its footing in the extended retracement zone around ₹1,505.05, setting the stage for a bullish reversal. The price is currently consolidating near ₹1,670.30, with signs of completing wave C in an Elliott Wave pattern, signaling a possible breakout to new highs. 😎
Entry Strategy:
Jump into a long position near the current price of ₹1,670.30 or wait for a confirmed breakout above point (B) on the chart (around ₹1,760.00). This buying zone, marked between ₹1,658–1,825, aligns with the completion of wave C and offers a prime entry point for traders. 🏃♂️ For maximum upside, consider entering as volume picks up and the price pushes through resistance.
Target:
Aim for the swing target of ₹1,947–1,986, based on the upper boundary of the projected wave structure and historical resistance levels. This represents a potential upside of 16–19% from the current price, making it an exciting reward for risk-takers! 🚀
Stop Loss:
Set a tight stop loss at ₹1,600.00 (day close basis) to protect against any unexpected drops. This level is just below the extended retracement zone at ₹1,505.05, ensuring you’re safeguarded while allowing for normal market volatility. 🛑
Risk Management:
Risk-to-Reward Ratio: Approximately 1:4, offering a golden opportunity with the target range of ₹1,947–1,986 and stop loss at ₹1,600.00. 🏆
Position Sizing: Keep your position size in check with your risk tolerance, limiting losses to 1–2% of your trading capital. 📊
Watch Key Levels: Monitor points (A), (B), (C), (3), (4), and (5) on the chart for confirmation of the wave pattern and momentum shifts. 🔍
Rationale:
The chart reveals a classic Elliott Wave pattern, with the stock completing wave C near ₹1,670.30 and setting up for a strong upward move to wave (5). The extended retracement zone at ₹1,505.05 acts as a solid support, while the buying zone (₹1,658–1,825) suggests institutional accumulation. This setup screams bullish potential through 2025, making it a must-watch for traders! 🐂
Disclaimer:
This is not financial advice. Trade at your own risk and do your due diligence before taking any position. Market conditions can change faster than a lightning bolt, and past performance isn’t a guarantee of future results. ⚡
Stay tuned for updates, and happy trading! 🚀✨
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.