Multibagger stock: Exide Industries 100% move in just 10 months!
May 02, 2024
It is possible to capture a massive move in a shorter time frame with the help of Time cycle and simple Elliott wave theory.
We had recommended to buy Exide Industries in our Multibagger stock report back in June 2023 around 232 levels! Below shows a detailed chart and analysis that the stock followed.
Exide Industries Weekly Chart Anticipated as on 27th June 2023
Wave analysis Anticipated as on 27th June 2023
Elliott Wave Analysis: In the weekly time frame as per wave perspective, the entire correction is in form of Primary wave [4] which was in form of Diametric pattern. This pattern helps to catch potential breakouts or reversals in particular direction. Primary wave [4] was completed near the lows of 132 levels in June 2022. Stock precisely reversed from there and since then primary wave [5] is moving on the upside. Stock has gained more than 80% within a year. Simple wave analysis works like magic!!!
We have plotted Supertrend Indicator on the weekly chart. In super trend buy and sell signals are generated when the indicator starts forming line either on top of the closing price or below the closing price. If the Supertrend moves below the closing price, the indicator turns green and shows a buy signal. In the above chart Supertrend continued to show green signal which indicates overall trend is positive. Along with this, we can see this indicator has provided support and resistance to prices from time to time. So, for now any dip towards the Supertrend i.e. towards 200 levels can be used as a buying opportunity. Also, prices have given a breakout of a classic Double Bottom pattern. All signs are suggesting that one can accumulate this stock at current levels.
On the other hand, KST has turned above signal line and also trading above signal line which suggest that further good momentum can continue to be seen.
Elliott wave with Time cycles is unique combination for applying advanced technical analysis concepts. On the above chart, lows are formed around the red vertical lines. The difference between the red vertical lines is 107 weeks. Every time around this zone price forms a low.
In short, one can accumulate this stock at current levels of 232 and add more on dips to 200 levels for the conservative target of 420 with 135 as important support.
Exide Industries Happened as on 2nd May 2024
Happened
We have published in our Multibagger Report on 27th June 2023 in which we have covered a stock named Exide Industries. At the time of the update the stock was trading around 232 levels. Recently stock has achieved our target of 420 and in today’s session stock made high of 485.55. Stock has shown movement of more than 100% just 10 months of span!
Time Cycle and Elliott wave works brilliantly if one knows how to apply it correctly. So, using Elliott Wave one can derive path ahead for intraday and positional on stocks and even on index as well.
Sutra of Waves - Learn the science of trading Options and stocks along with Elliott wave, Neo Wave, Fibonacci Trading system and Ichimoku cloud in upcoming live event on 1st - 2nd June 2024. Also get access to Online Options Trading strategy in entire Trishul program. Fill below form for more details: