DYCL Bang On- Combing Rounding Bottom with Ichimoku Cloud
Oct 29, 2024
When we combine price patterns with key indicators, one can see remarkable results. In fact, this approach enabled us to capture a significant move in DYCL. Take a closer look at how we choose DYCL, a momentum stock that surged more than 19% from its lows in just two days.
We published DYCL in "Vayu Momentum report" on 28th October 2024 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
DYCL Daily chart Anticipated as on 28th October 2024.
Analysis as on 28th October 2024
Wave Analysis:
DYCL closed on a positive note with a gain of 1%. The stock has formed a rounding bottom pattern. If Price managed to give a close above 680 it will confirm breakout of the Rounding bottom pattern! On the daily chart, price is trading above the Ichimoku cloud which indicates that the short-term bias is bullish.
When majority indices are falling, this stock has managed to hold its gain and continued to move up day by day!
Key Resistance: 710
Key Support: 635
Strategy: A break above 665 can lift price higher towards 700-710 as long as 635 holds on the downside.
DYCL Daily Happened chart as on 29th October 2024
Happened – The stock moved as we anticipated. DYCL gave a breakout out of a rounding bottom formation with huge volume which was a bullish sign. Prices moved as we expected and achieved targets of 710 and made a fresh high near 795 which is more than 19% in just two trading sessions.
For now, one should use buy on dips approach to ride the trend as long as 740 remains protected on the downside.
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