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! 🚀✨
