GNFC Potential Breakout
Updated
The idea here is about GNFC (Gujarat Narmada Valley Fertilizers & Chemicals Ltd):
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.is engaged in the manufacturing and marketing of chemicals, fertilizers and information technology.The products and services offered by the company include Fertilizers- GNFC is one the leaders in the domestic fertilisers industry. The company manufactures and markets fertiliser such as urea, ammonium nitrophosphate and calcium ammonium nitrate under the brand NARMADA. It is also engaged in importing urea, diammonium phosphate (DAP) and muriate of potash (MOP).Chemicals- The company has also set up core chemical and petrochemical plants that manufactures products such as methanol, formic acid, nitric acid, acetic acid and many more
My view is Bullish for the below observed technical factors.
Points as per TA observed on a Weekly,Daily & Hourly Chart:
1. Contracting or symmetrical triangle observed on a weekly chart as per below:
2. Doji/Spinning top candle formation on weekly chart which indicates the continuation of trend (upward) as per below:
3. Apex point Breakout & Support established with huge breakout in volume & Bullish pin bar candle formation on a daily chart observed as per below:
4. Bullish Gartley, Bearish Anti Crab & Bullish Navarro 200 pattern formations completed within the range of contracting triangle with Gartley & Navarro 200 targets been still active on a weekly chart as per below :
5. Falling wedge observed on 1H chart with breakout & reconfirmation as per below:
6. Inverse Head & Shoulder formation in progress on 1H chart with completion of left Shoulder & Head completed with 20 & 200 EMA support established as per below :
Inverse H&S target once completed will lead to breakout of contracting triangle on weekly chart
7. Trading above 20 & 200 EMA on a weekly & 20 EMA support established on daily chart at the time of publishing.
8. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a weekly is a strong upward momentum & Daily is Neutral at the time of publishing.
9. RSI is at 52.64 on a Daily Chart and 53.03 on weekly chart at the time of publishing.
10. MACD almost touching the signal line on daily chart & below signal line on a weekly chart at the time of publishing. There is a high possibility of MACD crossover on weekly chart.
11. Hull Moving average & other averages are strong buy on daily & monthly. However Hull moving average is a sell on weekly and other averages is a Strong buy.
12. ADX ( Average directional index ) trend strength is at 14.02 on a weekly & 12.83 on daily chart, which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend).
13. No divergence observed.
Projected Target with %: provided in chart.
Stop Loss: provided in chart.
Entry point: Conservative trades can wait for breakout & retest of contracting triangle. Aggressive & risk trades can enter at CMP.
Note: The center has approved an additional Subsidy on fertilizers for winter planting season.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So
Please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
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Do leave your valuable feedback & comments for any improvisations.
Cheers.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.is engaged in the manufacturing and marketing of chemicals, fertilizers and information technology.The products and services offered by the company include Fertilizers- GNFC is one the leaders in the domestic fertilisers industry. The company manufactures and markets fertiliser such as urea, ammonium nitrophosphate and calcium ammonium nitrate under the brand NARMADA. It is also engaged in importing urea, diammonium phosphate (DAP) and muriate of potash (MOP).Chemicals- The company has also set up core chemical and petrochemical plants that manufactures products such as methanol, formic acid, nitric acid, acetic acid and many more
My view is Bullish for the below observed technical factors.
Points as per TA observed on a Weekly,Daily & Hourly Chart:
1. Contracting or symmetrical triangle observed on a weekly chart as per below:
2. Doji/Spinning top candle formation on weekly chart which indicates the continuation of trend (upward) as per below:
3. Apex point Breakout & Support established with huge breakout in volume & Bullish pin bar candle formation on a daily chart observed as per below:
4. Bullish Gartley, Bearish Anti Crab & Bullish Navarro 200 pattern formations completed within the range of contracting triangle with Gartley & Navarro 200 targets been still active on a weekly chart as per below :
5. Falling wedge observed on 1H chart with breakout & reconfirmation as per below:
6. Inverse Head & Shoulder formation in progress on 1H chart with completion of left Shoulder & Head completed with 20 & 200 EMA support established as per below :
Inverse H&S target once completed will lead to breakout of contracting triangle on weekly chart
7. Trading above 20 & 200 EMA on a weekly & 20 EMA support established on daily chart at the time of publishing.
8. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a weekly is a strong upward momentum & Daily is Neutral at the time of publishing.
9. RSI is at 52.64 on a Daily Chart and 53.03 on weekly chart at the time of publishing.
10. MACD almost touching the signal line on daily chart & below signal line on a weekly chart at the time of publishing. There is a high possibility of MACD crossover on weekly chart.
11. Hull Moving average & other averages are strong buy on daily & monthly. However Hull moving average is a sell on weekly and other averages is a Strong buy.
12. ADX ( Average directional index ) trend strength is at 14.02 on a weekly & 12.83 on daily chart, which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend).
13. No divergence observed.
Projected Target with %: provided in chart.
Stop Loss: provided in chart.
Entry point: Conservative trades can wait for breakout & retest of contracting triangle. Aggressive & risk trades can enter at CMP.
Note: The center has approved an additional Subsidy on fertilizers for winter planting season.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So
Please do your own DD (Due Diligence) before any kind of investment”.
Do you like my TA & ideas!!
Want to keep yourself updated with current market action? Then don’t forget boost & subscribe for more analysis. The more boost & comments further more motivation for publishing.
Do leave your valuable feedback & comments for any improvisations.
Cheers.
Note
oint No 2. Doji Pattern recognition was by mistake. Had to reassure if it was a Doji/spinning Top or Bullish pin bar.However, After re looking into the candlestick it appears be a Pin bar with long lower shadow & Small upper shadow with Body & price movement of 2.00 Rs it appears to be bullish pin bar.
Trade closed: stop reached
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