DELHIVERY : OPPORTUNITY TO ENTER INTO 3rd WAVE OF TREND REVERSAL
Aggiornato
Delhivery Ltd , India's Popular Supply Chain and logistic company , with a Market Capitalization of More than 24,000 Cr seems to be ready for a reversal trend. Since , Jan 2023 , it is making support for the second time now. Going with the Elliott Wave theory , as shown in the chart , the stock is entering into the 3rd Wave of the uptrend , which is supposed to be the longest of any wave . The stock seems to be moving in channel also as shown in the chart. As the stock has shown some improvement from its lowest ever price, and RSI is crossing 50 from below , therefore the probability of trend reversal is high. For swing traders, it is the best time to enter the trade and making the latest support as base. We can see stock moving to at least three targets as shown in figure of 355.90 , 375.20 and 390.50. The second swing that is 321.30 would be our STOP LOSS , CMP is 337.10. Hence we have a risk reward ratio of 1: 3.5 .
Please remember , this research is only for educational purpose and one must do their own research too before making any trade. Trade at your own risk.
Best of Luck !!!
Please remember , this research is only for educational purpose and one must do their own research too before making any trade. Trade at your own risk.
Best of Luck !!!
Nota
CMP : 350.60 , moving towrds T1Nota
Surpassed our first target . Please boost my idea if you like the analysis.Nota
CMP@362.40 , Leading smoothly towards our Second Target of 375.40
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