BOROSIL : Way to shine high ?Technical Analysis of Borosil Ltd. (BOROSIL) - Daily Chart 📉📊
🚀 Analyzing the price movements of Borosil Ltd. on the daily chart!
Chart Overview:
The chart displays the stock's price movement within a consolidation phase, highlighting critical technical indicators and levels for potential trading opportunities.
Key Levels and Zones:
🔹 Current Price: ₹407.05
Support and Buying Zones:
🟢 First Buy Zone: ₹399 - ₹387
🟢 Second Buy Zone: ₹355
Target Zone:
🎯 Price Range: ₹504 - ₹519
Stop Loss:
🚫 Price: ₹332.95 (on failing the Golden retracement zone)
📉 Chart Analysis:
Wave Patterns:
The chart indicates a pattern of waves A, B, and C.
🔄 Wave C: An intermediate completion zone is marked, suggesting potential bullish movement.
Golden Retracement Zone:
The gray area represents a critical support level for Wave B, indicating a possible price reversal.
Demand Zone:
The demand in the extended retracement zone suggests significant buying interest, enhancing the potential for an upward price movement.
📋 Trade Plan:
📥 Entry Point:
Consider entering a long position within the First Buy Zone (₹399 - ₹387) .
Alternatively, consider the Second Buying Zone (₹355) for a deeper retracement entry.
🎯 Target:
Aim for the Target Zone (₹504 - ₹519) .
🚫 Stop Loss:
Place a stop loss at ₹332.95 to manage risk effectively.
Conclusion:
The chart highlights crucial support and resistance levels, with potential entry and exit points for traders. Monitoring the price action within these zones can provide profitable trading opportunities with a favorable risk-reward ratio.
📢 Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct thorough research and consult a qualified financial advisor before making any investment decisions.
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