SYMPHONY trade ideas
SYMPHONY - Monthly Breakout - Positional/Short Term InvestmentThis analysis is purely based on Price action. The analysis is done on monthly chart hence it may take one month to several months to achieve the final target. Traders must keep this in mind while trading.
As can be seen from the chart, 815 level is a MULTI-YEAR support level for the price. After multiple rallies, price has come down to test the support level and reversed from that level.
Other resistances are also marked in the chart for better understanding the price action in this stock.
During the major fall in March, it came down and again took support at the same support level. After consolidating for 8 months, price finally gave breakout in December 2020. The breakout is supported by huge volume candle as well.
Price has give breakout from Multi-year resistance trendline as well. (as shown in image itself).
A Double breakout from major support level with increased volume has very high probability of sustaining above.
Symphony also has good fundamental. Hence, One can enter in the stock with short term investment view or for Positional trades (entry can be made on Weekly chart as well). SL can be placed below the breakout candle or for safe traders, it can be placed below the consolidation zone (shown in image).
Targets are shown in image itself.
*Trade at your own risk & money management/position sizing. Always do your own study before entering into any trade*
Feel free to comment for any query or suggestion.
Do check out my other ideas for more understanding of price action & various chart patterns.
Long on SymphonyThe stock looks all set to start up rally with first target of 933, second target of 1074, sl:820.
Disclaimer: The stock/index/currency discussed do not constitute Investment advise and is merely an effort towards enhancing learning, knowledge and book keeping. Kindly do your own due diligence and or consult investment advisor before making any investment decisions.
Symphony looking strongSymphony coming out from long down-ward cycle, but closing above 1406 will give more convection to buy. I am looking for buy with sl 1320 with target of 1406/1456/1520++.
Symphony - Long - near Demand Zone and 300 DEMATook support near 1160 area which is a strong Support zone. Same is confirmed using Fib Fan 0.75 levels.
Sees Demand Zone around 1180 areas.
Came below 300 DEMA which is stock's personality.
Fundamentally a strong company with almost no debts.
Can be considered for Long Term portfolios.
Symphony - WeeklyIs at 100 MAR levels on weekly charts, and has breached (hovering around) 365 MAR levels in Daily charts.
Results this quarter are bad than expected due to GST effect. Though company is fundamentally sound and is almost debt free.
