Hello Traders,
Hope you are doing fine, If you have read my earlier blog post which was published in the first week of April 2023. If you haven’t read it yet then you have missed a 20% return on investment in just 3 weeks.
As I am doing the weekly and monthly analysis, I found another one stock which seems a screaming buy.
Before I tell the name of the stock, lets look out for a technical pattern which will help you understand more about the pattern.
FALLING WEDGE PATTERN
In this pattern, we will always see two downward sloping line and the lower line eventually stops falling and the slope gets flattened over the period of time.
The stock price initially oscillates between the two downward sloping line and at one point the stock price rises above the upper downward sloping line and shows initial breakout signs.
To read my another historical blog post on the same pattern click on the below link and see how the pattern has worked well earlier also.
Click here to read old posts
chart source Sharekhan trade tiger
Stock Name : Godrej Properties CMP 1272 TGT 1989
In the above chart we can see the stock has fallen from the cliff after touching the highs of 2598 in oct 2021
and tested low of 1005 in march 2023
If we look at the two downward sloping lines we can easily see there is FALLING WEDGE PATTERN in the formation
also the stock has given the breakout above the downward sloping line 1 and successfully sustained above the level for two weeks approx.
The stock can be bought with 6 months view for an upward target of 1989, which would be 61.80% retracement level of the fall from 2598 to 1005.
However there can be a better buying level if the stock falls in to the gap ( see chart below) the stock has an unfilled gap between 1160 to 1129 which can be riskless buying opportunity and one should not miss it
I hope you liked the blog, if you really liked it do share it with your friends who are also trading or investing
Trading Mantra:
“Frankly, I don’t see markets; I see risks, rewards and money.”
~ Larry Hite
Happy Reading…..
Happy Trading…..
Be a Wealthy Trader…..