ALOK INDUSTRIES LTD.| TECHNICAL ANALYSIS | @priceactiontrader13 | MARKET WALE

STOCK :- ALOK INDUSTRIES LTD.

CMP :- 19.15 (14/10/2023)

ABOUT :- Alok Industries Ltd. is a textile and apparel manufacturing company based in India. It was founded in 1986 and has its headquarters in Mumbai, Maharashtra. Alok Industries is one of the largest vertically integrated textile manufacturers in India.

TECHNICAL ANALYSIS CANDLE STICK CHART VIEW 

(CLICK ON ABOVE IMAGE  FOR CLEAR CANDLE STICK CHART VIEW

OBSERVATION :

The above stock shows a good cup & handle chart pattern on a weekly time frame & also can see a breakout from this pattern emerged in last week of AUGUST 2023 and gets re-test with good volume. The stock RSI is approximately around 61 considering a good strength in stock coming days. As its a weekly time frame we can expect the stock to show 20-25% coming weeks and months. Above 21.85 looks good buying opportunity. 

BUYING PRICE :22.00 

TG :- 29 / 43 / 51 

STOP LOSS :- 14.40

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How does CUP AND HANDLE PATTERN WORKS ? CLICK HERE 

Note : It's important to note that the pattern is just one of many chart patterns used in technical analysis, and traders should always use multiple indicators and techniques to confirm their analysis before making trading decisions

Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

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