KINGFA: Price Action with powerful Indicators for strong returnsDec 31, 2021
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The below chart shows that by understanding the pattern along with Ichimoku Cloud can help to form a prudent trade setup
Ichimoku cloud is a classical indicator within the technical analysis that incorporates multiple methods and forms a very strong basis to identify the trend, momentum, reversals, and much more.
Look at the below chart of KINGFA published in the Equity research report on 28th December 2021 morning before markets opened – "The Financial Waves short term update"
KINGFA Daily chart as on 28th December 2021 (Anticipated)
KINGFA Daily chart as on 31st December 2021 (Happened)
Wave Analysis as we published on 28th December 2021
On the daily chart, in the previous session prices formed a bullish candle. Price has closed above 1302 which confirms the breakout of the rounding bottom pattern. The stock is trading above Ichimoku cloud which indicates that the short-term bias is bullish. The RSI is in the overbought zone which suggests that we can expect a dip that can be used for buying opportunities.
In short, the trend for this stock is positive. Use dips towards 1300-1310 as buying opportunity for a move towards 1420-1430 levels as long as 1240 holds on the downside
Happened: Post recommending the stock in our report, prices made the high near 1625 levels which gave 23% return within 3 days. This analysis of patterns combined with indicators can help in gauging the directional moves.
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