We used these 2 indicators on BORORENEW and were able to capture a 15% move in just 3 days. You can also use these to identify stocks with momentum for short-term trades.
We published BORORENEW
analysis
in "TheFinancial Waves Short Term Update" on
24th January 2024 which our subscribers receive pre-market every day. Check out
below the detailed research report that we published.
BORORENEW Weekly
chart Anticipated as on 24th January 2024
BORORENEW Daily chart Happened as on 30th January 2024
Wave analysis as on 24th January 2024
BORORENEW has been moving higher
recently and intact in strong uptrend. In the previous session it closed with a
massive gain of 11.59%.
On the weekly chart, in the
previous session prices formed a bullish candle. A double bottom pattern is a
classic technical analysis charting formation that represents a major change in
trend and a momentum reversal from a prior down move in market trading. We have
applied parabolic SAR which used to determine the price direction as well as
draw attention to when the price direction is changing. A series of dots placed
below the price which is deemed to be a bullish signal.
In short, trend for this stock is
positive. Use dips towards 555-560 as a buying opportunity for a move towards
620 levels as long as 535 holds on the downside.
Happened
Stock continued to move higher
from the opening candle itself and made a high of 643 that is 15% up from above
mentioned levels. Formation of double bottom pattern on the Weekly chart and increase
in volumes gave us a double confirmation of the breakout. In such volatile
session price has managed to give 15% returns in just 3 days.
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