Olectra Green- Trading ChannelPossible bull blag formation, trading in a channel. Levels mentioned below on the break of this channel where buying can be initiated. Break above will target its ATH 2K or above. Good to accumulate on dips.
Olectragreentechtrendanalysis
OLECTRA - MOTORING AHEADOlectra has finally given a good up move with volume after decent correction and consolidation.
The chart suggests this could be a double bottom breakout as well and today's strong closing could add to that point.
It has taken out an important resistance of 1280 with RSI comfortably above 60. I expect it to touch levels near its last ATH, which is 1465, however it could lead to more as well.
Wouldn't recommend putting any targets to this, this stock has moved up considerably with volumes and usually gives a similar followthrough.
1 ATR would act as a good SL for the kind of up move that is expected.
Olectra made a double top formation. olectra formed a double top on daily time frame which can lead to total bottom upto 1012.
best point to enter is 1050 ranges for long term can push price to 1500 if RSI convergence occurs as i anticipated.
Olectra Greentech Trend Analysis285% rally in 141 days is good enough rally to attract retail traders.
Stay away and thank me later.
As per ABC corrective pattern, Olectra already achieved its target.
I am not expecting any upside in short term.
50% correction coming which can push the price lower towards 700 odd levels
Once peaked at PE of 370, now available at a PE of 172.
Even the forward PE is around 100.
Think about it.
Do your own due diligence before taking any action.
Peace !!
