Berger Paints on a crucial support zone !

The chart is self-Explanatory :)
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Observation: The price broke and closed below the support. the immediate next candle brought it back up with a long lower wick and more than average volume. Now if the price moves higher, the bears will be trapped.

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And we finally have a strong Bullish Engulfing on weekly Support.

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- Despite the correction phase in Indian Markets, We saw a good 8% up move.
- Given that the price action is on Weekly TF, we will hold it through the market correction phase for a bigger positional target. (With a stop loss of course)

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15% In !!

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Another 8% In !!

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We have reached a resistance:

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A crucial point for Berger paints. A breakout will break both the trendline and the zone.

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Update:
- The company has declared a 1:5 bonus issue. Saturday, 23rd September, 2023 is the RECORD DATE
- So far we have captured 25% returns since this analysis was posted. The price is consolidating at the resistance level which is a good sign.

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Hourly Time frame:

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Will it sustain this time??

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Interesting article on the recent fall of Berger paints. The IT costs rose by 44%. That was done to digitize processes. That should help boost the long run.
www.techcircle.in/20...rease-in-it-expenses

İşlem kapandı: hedefe ulaştı:

Closing this analysis as the prices have adjusted post the bonus issue. We made good money here.