BOROSIL : Way to shine high ?

Technical Analysis of Borosil Ltd. (BOROSIL) - Daily Chart 📉📊

🚀 Analyzing the price movements of Borosil Ltd. on the daily chart!

Chart Overview:
The chart displays the stock's price movement within a consolidation phase, highlighting critical technical indicators and levels for potential trading opportunities.

Key Levels and Zones:
🔹 Current Price: ₹407.05

Support and Buying Zones:

1. []🟢 First Buy Zone: ₹399 - ₹387
   []🟢 Second Buy Zone: ₹355
   

Target Zone:

1. 🎯 Price Range: ₹504 - ₹519
   

Stop Loss:

1. 🚫 Price: ₹332.95 (on failing the Golden retracement zone)
   

📉 Chart Analysis:

1. Wave Patterns:
   
   The chart indicates a pattern of waves A, B, and C.
   🔄 Wave C: An intermediate completion zone is marked, suggesting potential bullish movement.
   
2. Golden Retracement Zone:
   
   The gray area represents a critical support level for Wave B, indicating a possible price reversal.
   
3. Demand Zone:
   
   The demand in the extended retracement zone suggests significant buying interest, enhancing the potential for an upward price movement.
   

📋 Trade Plan:

1. 📥 Entry Point:
   
   Consider entering a long position within the First Buy Zone (₹399 - ₹387).
   Alternatively, consider the Second Buying Zone (₹355) for a deeper retracement entry.
   
2. 🎯 Target:
   
   Aim for the Target Zone (₹504 - ₹519).
   
3. 🚫 Stop Loss:
   
   Place a stop loss at ₹332.95 to manage risk effectively.
   

Conclusion:
The chart highlights crucial support and resistance levels, with potential entry and exit points for traders. Monitoring the price action within these zones can provide profitable trading opportunities with a favorable risk-reward ratio.

📢 Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct thorough research and consult a qualified financial advisor before making any investment decisions.

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