TICKER: BALRAMCHIN
Since the post on Balrampur Chini on Aug, 23rd, the stock has been performing well. Things are looking up on the stock’s chart. The price action recently gave a pull back after closing above the 100 day EMA for 3 consecutive days. The pull back found support at the 50 day EMA and soon enough bounced back piercing the 100 day EMA level of 77.05 and closing at 77.65. The stock has again open with a strong gap up today morning.
All the conditions for calling the current trend an Uptrend on this chart are ticking off.
The stock is making higher-highs and higher-lows
The important Moving averages have been breached.
Volume is picking up on the up-days
RSI has shown range shift. It has not breached the level of 40 corresponding to the recent price lows which indicates a strong momentum build-up in my opinion.
A snapshot of the chart as on day is presented below and you will be able to observe all of this on this chart.
For a more detailed analysis of this stock, you can follow this link here to the original post.
TICKER: FRETAIL
Our next follow up is on Future Retail.
As we mentioned in our post on future retail on Aug 27th, another leg of upside appears to have begun. The breakaway gap has not been filled (yet). Here again, we can observe a pullback and a subsequent bounce on the dachart. The price turned lower after touching a high of 589.50 and took support at the cluster of 35, 50 and 100 day EMA after which it bounced back yesterday and gave a comfortable closing above the previous high.
It is a great business and promoters are proven entrepreneurs. Not just that, the Indian retail space is a booming sector and Future Retail is one of the strongest players and hence one of the biggest benefitters. For a more details analysis I request you read the original post here.
That’s all from my end! Please follow my blog and fill in your email ID to get my next post directly in your inbox. I would love to hear from you guys. Use the contact form to reach out to me!
As a disclaimer, this isn’t a stock recommendation.
Another disclaimer: I am not long on Future Retail but I am invested in Balrampur Chini.
A warning: Anyone investing in either stocks based on this article will be doing so at their own risk. Please be responsible.
You can reach me at kchamaria1993@gmail.com for the analysis of other stocks (NSE, NYSE, LSE as long as there is a chart), commodities or currencies, I will try my best to respond.
Until next time, Adios! 😀
#RangeShift #100EMA #StockMarket #FRETAIL #TechnicalAnalysis #RSI #50EMA #35EMA #elliotanalysisofnifty #BALRAMCHIN #BalrampurChini #FutureRetail #Chartstudy #PositiveDivergence
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