SUNTECK - Price Patterns with Indicators to gauge the directional moveFeb 28, 2022
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By combining patterns, Moving Average, and Price action it is possible to form a powerful trade setup.
Technical analysis is a vast subject and it has different kinds of techniques to understand the trend of any asset. The concepts like moving average, candlesticks, are the basic ones but it is very important to use all these indicators.
We published SUNTECK analysis in "The Financial Waves Short Term Update" on 25th February 2022 which our subscribers receive pre-market every day. Check out below the detailed research report that we published.
SUNTECK Daily chart as we anticipated on 25th February 2022
SUNTECK Daily chart as on 28th February 2022 (Happened)
Following was published on 25th February 2022
On the daily chart, in the previous session prices formed a bullish candle. Prices has recently given breakout of inverted head and shoulder at 417 levels and now it has retest to the same breakout level hence it is expected to move higher. 200-day period Exponential Moving Average is acting as a brilliant support line and it has provided support at regular intervals. This suggest that one should be in the direction of the ongoing trend as far as this line is protected.
In short, trend for this stock is positive. Use dips towards 434-438 as buying opportunity for a move towards 470-475 levels as long as 420 holds on the downside.
After we published the report on 25th February(premarket), prices kept moving higher and on the same day itself that is on 25th February the stock hit our target of 470-475 levels and made a high near 496. In such market scenario, within 2 trading session, the stock has given more than 10% return.
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