ORCHIDCHEM – Bullish above 63, Stop Loss 60 & Target 66

[Pradeep]

Reason for going bullish on this stock :-

1.From the chart we could a sequence of Higher Top and Higher bottom with significant volume confirming the bullish trend.

2.Market fell on Friday and went down to Rs.60 level after the quarterly result announcement which was not inline with market expectation however recovered to Rs.62.35.

3. From the chart we could see the market has already discounted around 15% from August 6th (from the level of Rs.75) even before the quarterly results were announced, so the correction has started from 7th of August.

4. We could also see the stock has strongly bounced back at the same Rs.60 level twice in the last one month. i.,e on 10th July and 28th July.

5.When it bounced back from Rs.60 level the stock has raised a minimum of 10 %.

So we can go long on this stock if it opens at Rs.63 with a stop loss at Rs.60 and with a immediate target of Rs.66. We can increase the target if high volume is noticed.

*Note : Even-though the first chart do not show a clear Higher bottom formation, the Intraday chart shows the market uptrend after touching the lows showing the Higher bottom formation, which will be seen in the second chart.

 

 

 

[EQSIS]

Thanks for posting you views using DOW Theory, but i would like to add few points, kindly consider

1. As per your attached Charts – I could see the next Entry or Higher TOP only above 72 levels.

at Current levels it seams to be to early too take decision

Meanwhile, Intraday charts are not considered for DOW Theory. Kindly recollect and optimize your views…

If possible Try Few More

 

[Pradeep]

Thanks for the feedback. I checked the Intraday chart just to get the confirmation whether the bottom formed was a lower bottom or not., however I should have avoided as we are now using only Dow theory and as you mentioned, we should wait for the confirmation of bullish trend and enter above Rs.70 + level after confirming the trend.

I will try few more stocks and update so that I will get your valuable feedback to improve myself. Thanks again…

[V.VEDANAYAGAM]

Dear sir /madam
Please suggest those trade plans based on the available data as per the EOD chart and hence without any futuristic projections
IN the chart selected and marked We can no doubt GO LONG with the lower HT as the ENTRY at 66 or 67 and Stop loss at the lower HB as60 and the target at 72 or 73 which was reached ( KINDLY mark only one TOP between two Bottoms)

[Author]

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