BALMLAWRIE Bang On- Combining Rounding Bottom with ADX!
May 22, 2024
When one combines basic price patterns and price indicators, it can lead to interesting results! See for yourself how we were able to capture such a significant move in BALMLAWRIE. Take a look at how we chose BALMLAWRIE, a momentum stock that has rallied by more than 16%.
We published about BALMLAWRIE in "The Financial Waves Short Term Update" on 08th May 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
BALMLAWRIE Daily chart Anticipated as on 08th May 2024
BALMLAWRIE Hourly chart Anticipated as on 08th May 2024
Wave Analysis as on 08th May 2024
BALMLAWRIE has been moving higher recently and intact in strong uptrend. In the previous session it closed with a gain of 3.91%.
On the daily chart, in the previous session prices formed a bullish candle. An daily close above 291 level will confirm breakout of the rounding bottom pattern. We have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The low readings of ADX indicates that the stock is in a range. The Adx of this stock is 26.17 giving an indication of a trending market. The reading above 25 means strong directional strength.
As shown on the hourly chart, 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. Closest support is placed at 265.
In short, trend for this stock is positive. Use dips towards 276-278 as a buying opportunity for a move towards 300-305 levels as long as 265 holds on the downside
BALMLAWRIE Daily Happened Chart as on 22nd May 2024
Happened: The stock moved as we anticipated. After a dip, prices showed a sharp rise and achieved our both targets and made a high of 316.80 on 21st May 2024 which is more than 16% from the dips in short span of time!
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