BORORENEW: How to capture 15% move using simple technical tools

BORORENEW: How to capture 15% move using simple technical tools

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 "The Financial 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 24^th January 2024

BORORENEW Daily chart Happened as on 30^th January 2024Wave analysis as on 24^th 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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