Maithan Alloys channelMaithan alloys trading in a strong channel. Can look to take entry at bottom and exit at top
MAITHANALL trade ideas
MAITHANALL - Multi Time Frame and Elliot Wave AnalysisAs on the month of June 2021
Wave 0 = 25
Wave 1 = 1026
Wave 2 = 289
Wave 3 Target = 1900 *****
Wave 4 Retracement = 1118.5
Wave 5 Target 2120
As on the 3rd Week of June ie 22nd June 2021
The Major Wave count was done on the monthly chart . There is a possibility that the sub wave count of wave 3 ( Done on the weekly Chart ) Coincide with that of the major wave count
To Elaborate
Sub Wave iii = Major Wave 3
If that is the case we can see a stronger overall movement for the stock . A possibility of Major Wave 3 finishing 2.618 times of that of Major Wave 1 , finishing around 2500 - 2600 range
For Entry Levels
980 - 990 levels is a strong support as shown :
0.236 & 0.382 on Weekly Levels ( Based on Last 2 swings )
0.382 on a Daily Time frame
Maithan Alloys - Box breakoutThe stock broke out of a long consolidation box a couple weeks back. The past 2 weeks its been retesting that box which has been acting as support.
There is one resistance on top as well..
Long above 734 and then 772.
SL 700 after the first buy..and 735 once the 2nd buy is done.
Target could be closer to 900.
Fundamentally strong company which is sitting on almost 600cr of cash on its book. Trades at an extremely cheap PE.
Watch out for this stock next week..my alert has been set and i will be buying it into results season.
Long setup in Maithan AlloysThe stock is at support level of teh trendline with target of 600+, once it crosses 620, the cup and handle pattern will complete with traget of 900+. SL: 460
Disclaimer: The stock/index/currency discussed do not constitute Investment advise and is merely an effort towards enhancing learning, knowledge and book keeping. Kindly do your own due diligence and or consult investment advisor before making any investment decisions.
