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HI-TECH PIPES LTD
Long

HITECH : will HIT or MISS?

207
Hi-Tech Pipes (HITECH)

  1. []Elliott Wave Structure: The chart suggests Wave 1 to Wave 4 is complete. Wave 5 is expected to resume the primary uptrend.
    []Demand Zone for Wave 4: ₹147-151 aligns with corrective Wave C. This area should attract strong buying.
  2. Stop Loss Placement: Below ₹141, invalidating the Wave 4 demand zone.


Trade Plan:
  1. []Entry: Initial entry at CMP (₹166.44). Add positions between ₹147-151 if prices dip.
    []Target: Wave 5 target at ₹217-225, based on Fibonacci extensions.
  2. Stop Loss: Set at ₹141 to minimize risk.


Risk-Reward:
  1. []Risk (₹141): ₹25 below CMP (₹166).
    []Reward (₹217): ₹51 above CMP.
  2. R/R Ratio: 1:2 – suitable for medium-term trades.


Educational Tip: Confirm Elliott Wave patterns with low volume in Wave 4 and high volume in impulsive waves like Wave 5.
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Chart PatternshitechhitechpipeshitechpipesanalysisTrend AnalysisWave Analysis
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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.