Hello Traders,
At the moment when entire metal pack is doing well this stock has been little laggard. Even if the stock has come up & trading at 147 off late, from approx 106 low hit in the month of sept 2021, is there any scope for this stock to rise further?
Where is this stock headed?
If you are one and thinking of getting in this stock look at the below chart and do read the below comments:
In the above weekly chart of Welcorp,
I have observed that the stock is trading at 147 and moved up from 106 from sept 2021 lows
if we connect the F3W line with 2020 low 55 of & recent low of 106 we get an ascending trend line
if we connect it with feb 2020 high of 233 & june 2021 high of approx 165 we get a descending trend line F4W
Both of these trend lines form an ascending triangle pattern and are showing a positive breakout has happened in the past two weeks and the stock is trading above the descending trendline
Welcorp is well poised to make fresh highs and seems capable of taking on feb 2020 high of 233
however there if it falls below the f3w trend line then the possibility will be little dim or the stock may take more time to travel from 147 to 233 than expected
One can take a risk of entering at 147 & add more if the stock declines to 129 with a tight stop loss around 113 with a target of 233
Trading Mantra:
“Risk at its own face, seems a trouble for some traders, it is not the same for every trader in the world” ~ DChandrakant
Happy Trading…..
Be a Wealthy Trader……
