How Vishnu Chemicals Achieved a 15% Rally – Price Patterns & ADX Insights
Nov 07, 2024
When combining basic price patterns with technical indicators like ADX, it can lead to remarkable results in trading. See how we captured a significant move in Vishnu Chemicals stock by applying the ADX momentum strategy. This technical analysis of Vishnu Chemicals shows how the stock rallied by more than 15% after our prediction.
We first highlighted Vishnu Chemicals in our Vayu Momentum Report on 25th October 2024, a report that our subscribers receive pre-market every day. Below is the detailed stock price pattern and ADX analysis we published.
Vishnu Daily chart Anticipated as on 25th October 2024.
Wave Analysis:
Vishnu Chemicals showed a sharp rally in the previous session, moving up by over 5.14% in just one trading day! The stock had been moving in a rectangular range for the past few days. After breaking above 485, a breakout strategy was confirmed, signaling a bullish move. The ADX indicator showed strong momentum with a reading of 27.57, confirming the bullish trend.
For now, use a buy-on-dips strategy (course Link) to take advantage of the price action.
Key Resistance: 530
Key Support: 477
Vishnu Daily Happened Chart as on 7th November 2024
Strategy: Look for buy on dips between 490-495 and aim for a move towards 525-530, as long as the support level at 477 holds.
Outcome: Vishnu Chemicals followed our predicted path, showing a bullish breakout with high volume, signalling further momentum. After a brief dip, the stock continued its rise, achieving a 15% gain and hitting our target levels.
This momentum trading strategy, combining price action and ADX analysis, proved to be effective in capturing this rally. Understanding price patterns and using the ADX indicator helped us identify key entry points and predict the 15% rally in Vishnu Chemicals.
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