With Nifty Metal Index breaking out today, lets see how Shyam Metalics 
SHYAMMETL can play out from here...
Stock was clearly in downtrend, making Lower Highs and Lower Lows (blue & red highlights on the chart).
But it can reverse from here now. How? Here are some observations:
- It recently took support at IPO Price
- Made first Higher High (green highlight)
- Currently facing resistance from 14th Sep AVWAP (Rs. 354).
- Can take support at 20th Dec AVWAP (Rs. 338)
- Crossing above Rs. 354 will most probably break the support-turned resistance zone of Rs.360 too with force.
- Later, it can face resistance from 22nd July AVWAP (Rs. 383) and come to retest the Rs. 360 area.
- There should be no looking back once it crosses the 22nd July AVWAP
- Company has high ROE (above 20%) and currently trades at lower valuation multiples than its peers.
Disclaimer: Do not consider this as a trade recommendation.
SHYAMMETL can play out from here...Stock was clearly in downtrend, making Lower Highs and Lower Lows (blue & red highlights on the chart).
But it can reverse from here now. How? Here are some observations:
- It recently took support at IPO Price
- Made first Higher High (green highlight)
- Currently facing resistance from 14th Sep AVWAP (Rs. 354).
- Can take support at 20th Dec AVWAP (Rs. 338)
- Crossing above Rs. 354 will most probably break the support-turned resistance zone of Rs.360 too with force.
- Later, it can face resistance from 22nd July AVWAP (Rs. 383) and come to retest the Rs. 360 area.
- There should be no looking back once it crosses the 22nd July AVWAP
- Company has high ROE (above 20%) and currently trades at lower valuation multiples than its peers.
Disclaimer: Do not consider this as a trade recommendation.
Pro-Setups is meant for Swing and Positional Trading. It is a combination of scripts on TradingView, and a screener Dashboard on web. Whatever you scan on Dashboard, you can see the same on your charts.
For details, please visit pro-setups.com
For details, please visit pro-setups.com
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Pro-Setups is meant for Swing and Positional Trading. It is a combination of scripts on TradingView, and a screener Dashboard on web. Whatever you scan on Dashboard, you can see the same on your charts.
For details, please visit pro-setups.com
For details, please visit pro-setups.com
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.