Kalyani Steels - Greedy theory
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Cup holder is a bullish pattern. Cup height is the usual target & it could even rise above that.
Since KSL was listed, it has formed 6Y base & it rose around 145% from breakout. Did Fib retracement for the recent handle from top to bottom. Now another 6Y has broken out & so far reached 80% which is fib level 261.8% of the handle top to bottom. If I project to 145% from breakout, price target would be around 1200 and also the 461.8% fib level. Pivot projects to around 1179.5....with an intermediate target at 990.
Look at the RSI(34) in weekly chart. Red rectangle is the resistance. Hitting for the 3rd time. Reversal could happen now or in weeks.
RSI should be on fire to achieve that by breaking that resistance I guess. Whenever support/resistance repeatedly tested, it either makes or breaks.
Since KSL was listed, it has formed 6Y base & it rose around 145% from breakout. Did Fib retracement for the recent handle from top to bottom. Now another 6Y has broken out & so far reached 80% which is fib level 261.8% of the handle top to bottom. If I project to 145% from breakout, price target would be around 1200 and also the 461.8% fib level. Pivot projects to around 1179.5....with an intermediate target at 990.
Look at the RSI(34) in weekly chart. Red rectangle is the resistance. Hitting for the 3rd time. Reversal could happen now or in weeks.
RSI should be on fire to achieve that by breaking that resistance I guess. Whenever support/resistance repeatedly tested, it either makes or breaks.
Not
RSI is on fire & hit ATH in D,W,M timeframes. Never seen this stock roaring like this. Gotta see Q4 shareholding pattern. Huge accumulation going on in 2024. Valuations beyond fair range. Sold my invested amt + 20% 30.55% of my holdings qty @1077.65.M.Cap Jun '16 @735Cr to Mar '24 @4.1K CrProfit booked at 1077.65
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