Deepak Nitrite Breakout of wedge for NSE:DEEPAKNTR by Tron029

The idea here is about Deepak Nitrite:

Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals. The company`s product range includes a spectrum of chemicals which caters to a wide range of industries including Colorants, Agrochemicals, Pharmaceuticals, Rubber, Specialty & Fine chemicals.

1. Broken out of Falling Wedge on a weekly chart at the time of publishing.

2. Retesting of support line & breakout point completed on a daily chart as per below image. However, would recommend for a weekly retest of the breakout point.

3. Support established on 20 EMA & 200 EMA on a daily chart as per above image.

4. Trading above 20 & 200 EMA on Weekly chart.

5. Bearish Sea Pony (Advanced Harmonic pattern ) formation on a weekly chart.

6. Sea Pony Pattern: Explained in the below image.

7. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily & monthly chart is Strong for an upward momentum. However, weekly chart is on a strong downward momentum at the time of publishing.
8. RSI is at 50.78 on a weekly Chart at the time of publishing.

9. MACD Way above signal line on weekly chart.

10. Hull Moving average on a daily & weekly is sell & on a monthly chart is a buy other moving averages are strong buy on Daily, Weekly & monthly chart.

11. Wait for retest completion for long entry. However, keep in watch list for the week & alert for price momentum.

Projected targets as per Sea Pony Pattern provided in the chart.

Stop Loss: Enter long only if retest & upward momentum continuation.

Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.

Do you like my TA & ideas!!

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