INDUSTOWER- Analysis
Entry above 206 Safe entry above 217
Expected Major Targets - 232 or 297
Expected minor Targets - 206 , 216 (profit booking level), 229
Stop loss levels - Closing below - 185 or 175 or 165
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INDUSTOWER trade ideas
INDUSTOWERS should be approaching INR240 soon_TRADE_SETUPThe stock broke out of a 3 week trading range on Thursday's session with satisfactory volume expansion.
Going by the Elliot wave structure, the stock is currently in wave III of(III) of 3(ignore the labeling if you don't follow Elliot wave theory).The current wave is projected to reach close to the INR 240 zone.
INR195-200 has been a resistance for the stock for past 3 and half months.
But with vol. picking up and range break-out just at the resistance the stock seems to be well-equipped for a strong breakout above INR 200 this time around.
On the downside INR 185 will be proving to be a crucial support for the stock.
CMP 193.8
Target 1- 213
Target 2- 240
SL - 185
Double Bottom Pattern Reversal in INDUSTOWERINDUST TOWER LTD
Key highlights: 💡⚡
📊On 1Day Time Frame Stock Showing Reversal of Double Bottom Pattern.
📊 It can give movement upto the Reversal target of Above 195+.
📊There have chances of Breakout of Resistance level too.
📊 After Breakout of Resistance level this stock can gives strong upside rally upto above 212+.
📊 Can Go Short in this stock by placing stop loss below 168- or last swing Low.
INDUSTOWER at an important level in 1D timeframeINDUSTOWER is at an important level since the level has been acting a good support and resistance level.
Go long if price gives break out above 183.85 level
1st target : ~195.90
2nd target: ~296.90
Good one for positional traders. Intraday traders can also make positions by marking smaller levels.
Happy Days.
Cheers