Technical Analysis of Bodal Chemicals Ltd.
Technical Analysis of Bodal Chemicals Ltd.
1. Moving Averages:
21-Day EMA: ₹78.49
50-Day EMA: ₹78.46
200-Day EMA: ₹78.16
Chart Pattern:
The stock has formed a descending triangle pattern, which typically signals a potential breakout. The upper boundary of the triangle acts as resistance, and the lower boundary serves as support. The breakout direction will determine the next significant move.
Resistance Levels:
Immediate Resistance: ₹81.08
Major Resistance: ₹96.61 (Target)
The stock is facing immediate resistance at ₹81.08. A breakout above this level could lead to a rally towards the major resistance level of ₹96.61, which represents the target for this potential move.
4. Support Levels:
Immediate Support: ₹78.16 (200-Day EMA)
Stop-Loss Level: ₹76.03
The stock has solid support at ₹78.16, which is aligned with the 200-day EMA. A break below this level could see the stock move towards the stop-loss level of ₹76.03, indicating a bearish turn.
5. Risk/Reward Ratio:
Risk/Reward Ratio: 4.39
The risk/reward ratio for this trade is highly favorable. With the stop-loss set at ₹76.03, the risk is minimal compared to the potential reward of reaching ₹96.61, making this an attractive trade setup.
1. Moving Averages:
21-Day EMA: ₹78.49
50-Day EMA: ₹78.46
200-Day EMA: ₹78.16
Chart Pattern:
The stock has formed a descending triangle pattern, which typically signals a potential breakout. The upper boundary of the triangle acts as resistance, and the lower boundary serves as support. The breakout direction will determine the next significant move.
Resistance Levels:
Immediate Resistance: ₹81.08
Major Resistance: ₹96.61 (Target)
The stock is facing immediate resistance at ₹81.08. A breakout above this level could lead to a rally towards the major resistance level of ₹96.61, which represents the target for this potential move.
4. Support Levels:
Immediate Support: ₹78.16 (200-Day EMA)
Stop-Loss Level: ₹76.03
The stock has solid support at ₹78.16, which is aligned with the 200-day EMA. A break below this level could see the stock move towards the stop-loss level of ₹76.03, indicating a bearish turn.
5. Risk/Reward Ratio:
Risk/Reward Ratio: 4.39
The risk/reward ratio for this trade is highly favorable. With the stop-loss set at ₹76.03, the risk is minimal compared to the potential reward of reaching ₹96.61, making this an attractive trade setup.
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