Kaynes Tech started an uptrend after making an bottom at 3800 and made an temporary top at 6800. Post that there was again an meaningful retracement to 5400 which is around 50% of the up move from 3800.
Now its is making an 2nd attempt to break 0.382 on trend based fib extension tool and the point to be noted is that its doing so with good volumes.
Current up move is supported by positive earnings surprise which was the case in the last quarter too.
This presents us a long swing trade at current levels, with targets provided by the fib extension tool. Stop loss should be the fib level below which provides us a decent risk to reward.
Disclaimer- This post is for educational purpose and not a financial advice, do consult your financial advisor before investing in financial markets.
Now its is making an 2nd attempt to break 0.382 on trend based fib extension tool and the point to be noted is that its doing so with good volumes.
Current up move is supported by positive earnings surprise which was the case in the last quarter too.
This presents us a long swing trade at current levels, with targets provided by the fib extension tool. Stop loss should be the fib level below which provides us a decent risk to reward.
Disclaimer- This post is for educational purpose and not a financial advice, do consult your financial advisor before investing in financial markets.
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.
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.