Dalmia Sugar : Can rebound towards 52 week highs
Scrip can take reversal and aim towards 52-week highs if bullish momentum continues as happened in the past post company posting good quarterly results however, subject to Nifty not showing major corrections
indiainfoline.com/article/capital-market-hot-pursuit/dalmia-bharat-sugar-hits-52-week-high-after-strong-q3-earnings-117013100328_1.html
Quarterly results YoY increase
business-standard.com/article/news-cm/dalmia-bharat-sugar-industries-standalone-net-profit-rises-11-95-in-the-june-2017-quarter-117081101281_1.html
Rebound likely to happen owing to :
1) Good volume buying during past few sessions so accumulation is likely seen even after some downtrend as market also didnt support the bullish trend
2) %william showing uptrend
3) Piercing candle at bottom of trend : A long wick at the bottom of the candle signifies that sellers were able to push the price down significantly and that is what creates the long wick.
However, the seller’s numbers were not great enough to keep the price at that low level. The buyers were able to push price back up from that low level thereby showing strength. Since the buyers triumphed in that sense, there exists the potential that their strength will carry forward and given that strength the price may rise
Note: Inverse head and shoulders pattern isnt perfect and had been ideally envisioned so dont take the pattern seriously :)
indiainfoline.com/article/capital-market-hot-pursuit/dalmia-bharat-sugar-hits-52-week-high-after-strong-q3-earnings-117013100328_1.html
Quarterly results YoY increase
business-standard.com/article/news-cm/dalmia-bharat-sugar-industries-standalone-net-profit-rises-11-95-in-the-june-2017-quarter-117081101281_1.html
Rebound likely to happen owing to :
1) Good volume buying during past few sessions so accumulation is likely seen even after some downtrend as market also didnt support the bullish trend
2) %william showing uptrend
3) Piercing candle at bottom of trend : A long wick at the bottom of the candle signifies that sellers were able to push the price down significantly and that is what creates the long wick.
However, the seller’s numbers were not great enough to keep the price at that low level. The buyers were able to push price back up from that low level thereby showing strength. Since the buyers triumphed in that sense, there exists the potential that their strength will carry forward and given that strength the price may rise
Note: Inverse head and shoulders pattern isnt perfect and had been ideally envisioned so dont take the pattern seriously :)
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