LAOPALA: How to trade with simple technical tools?

elliott wave price pattern stocks Dec 29, 2021
Price Pattern, Elliott Wave, Lupin

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While trading the market it is important to understand the behaviour of the market. We have published a report in which we recommended Laopala by using simple technical tools along with price patterns

Look at the below chart of LAOPALA published in the Equity research report on 22nd December morning before markets opened – "The Financial Waves short term update"

LAOPALA Daily chart: (Anticipated as on 22nd December 2021)

LAOPALA Daily chart: (Happened as on 29th December 2021)

Wave Analysis as we published on 22nd December 2021:

On the daily chart, in the previous session prices formed a bullish candle pattern. Bullish flag formations are found in stocks with strong uptrends and are considered good continuation patterns. The pole is the result of a vertical rise in a stock and the flag results from a period of consolidation.

Prices have given close above 405 level which confirms breakout of the said pattern. We have shown ADX indicator which gives an indication if the stock is trending or in a trading range. The ADX of this stock is 48.69 giving an indication of a trending market

In short, the trend for this stock is positive. Use dips towards 415-410 as a buying opportunity for a move towards 445-450 levels as long as the 380 level is intact on the downside.

Happened: The stock performed precisely as expected recently on 22nd December 2021 the stock has made high near 456 levels.

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