FILATEX--Resistance Becomes Support??This stock is now trading near its demand areas.
previously taken the resistance as support.
now price clears the trendline liquidity as well.
this is the best place to invest in this stock for long term.
if price takes the overall liquidity or enter now for long term investment targeting on top side with the areas of resistance at 62and 72 and higher above the previous resistance.
FILATEX trade ideas
FILATEXFilatex is looking good making cup & handle is nearly in breakout position buy above 73 might be a good take for the 1st target of 77 which can be easily achieve in short time and my 2nd target must be 85 followed by 92
Disclaimer: I am not SEBI Registered please do your analysis
this is not any buying/sell recommendation
"Filatex India Limited Set for a Breakout!""Filatex India Limited is gearing up for a major breakout as it breaches the triangle pattern, signaling potential for substantial gains ahead. With the stock showing strong bullish momentum, this could be the perfect time to ride the wave. Watch closely—Filatex India Limited might just be the next top performer in your portfolio! 📈💥"
FILATEXStock name = Filatex India Limited.
Weekly chart setup
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Master Score = D
This stock's poor earnings and mediocre price performance mean that you may have better options.
Disclaimer: This is for demonstration and educational purpose only. this is not buying and selling recommendations. I am not SEBI registered. please consult your financial advisor before taking any trade.
FILATEX looks bullish FILATEX popped up on 52-week breakout screener results
A few highlights
Increasing volume in the last few weeks
Trading at a crucial level of around 55
Next resistance at 58
All-time high 71.40
RSI above 60 on a monthly, weekly and daily time frame
Since the next resistance is very close, it's hard to achieve an excellent risk-to-reward ratio when considered for a swing or short-term trade. But it is suitable for the long term if the trend continues.
It looks like the 5th wave, as the 4th wave, retraced exactly .65% on a Fibonacci retracement.
If the trend continues, we may see 76 levels as the 1st target and 80 as the 2nd. The depth of the cup is the 1st target from the neckline.
#FILATEX 46.90 Upside 17% Recommended Buy - Rachit SethiaFILATEX 46.90
TGT 55
SL 43
TF < 6M
Return > 17% ++
RR > 2.5
Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia