DWARKESH – Price Action along with Technical Indicator

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Trading breakouts can be tricky sometimes and it's best to use additional confirmation of other indicators to identify strong breakouts. Check out how we recently identified one such breakout in DWARKESH.

Stocks like Dwarkesh moved very well if one were to use simple patterns and MACD line.

We published the following article on Dwarikesh Sugar pre market on 9th March 2022 in "The Financial Waves Short Term Update" which our subscribers receive pre market every day.

DWARKESH as on 9th Mrach 2022 (Anticipated)

DWARKESH as on 22nd Mrach 2022 (Happened)

Wave analysis as on 9th March 2022

On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 104 levels which confirm breakout of rounding bottom pattern. MACD is above 0 and on Friday the MACD line crossed above the MACD signal line which indicates that bullish momentum has increased in this stock and may continue in the coming session.

In short, trend for this stock is positive. Use dips towards 100-102 as buying opportunity for a move towards 115-117 levels as long as 98 holds on the downside.

Happened:

The stock opened with a gap up and continued to move higher. Post that, within the short span of time, the stock has moved above our expectation making a high near 138.40 levels giving return more than 32% on the upside.

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