RICO Auto After Multi(19)-YR Breakout @Retest Level - LT Invest
Rico Auto has given multi year breakout in March 2024 and now retesting the breakout level 114.40 It can be a good opportunity to enter with a stop loss below 100 on closing basis.
More near 100 one takes the position, smaller the stop loss would be.
For Rico auto, 225 rupees is target by size, see Fib levels.. but target by X factor is 114.40 /4.25 =26.91 * 114.40=3079 in ~6 years(19* 0.35 )
For now one can trade for target by size that is 225 which might come sooner in ~2 years. It must ideally follow the Elliott wave drawn in purple.
There are Gann lines in in red color acting as resistance lines and those coming downward from top left to bottom right need to cleared on monthly closing basis to resume up move i.e. monthly close above 136 is needed.
Where as The Gann line moving up from bottom left to top right, the green one must not be broken else this call most likely to fail. The Gann line in red moving up is acting as profit booking indicator, if not all partial profit booking can be done around it and buy back near orange trendline.
Better the channel line drawn in Orange is not broken to make sure the stock does not loose strength and as per that 100-102 is the stop loss area as of now.
The vertical lines in yellow are time cycle lines from where either it starts a new up move or down move, next that cycle starts around October 2026.
** this is not a trade advise, just my technical analysis. Please take any trade as per your analysis and study.
More near 100 one takes the position, smaller the stop loss would be.
For Rico auto, 225 rupees is target by size, see Fib levels.. but target by X factor is 114.40 /4.25 =26.91 * 114.40=3079 in ~6 years(19* 0.35 )
For now one can trade for target by size that is 225 which might come sooner in ~2 years. It must ideally follow the Elliott wave drawn in purple.
There are Gann lines in in red color acting as resistance lines and those coming downward from top left to bottom right need to cleared on monthly closing basis to resume up move i.e. monthly close above 136 is needed.
Where as The Gann line moving up from bottom left to top right, the green one must not be broken else this call most likely to fail. The Gann line in red moving up is acting as profit booking indicator, if not all partial profit booking can be done around it and buy back near orange trendline.
Better the channel line drawn in Orange is not broken to make sure the stock does not loose strength and as per that 100-102 is the stop loss area as of now.
The vertical lines in yellow are time cycle lines from where either it starts a new up move or down move, next that cycle starts around October 2026.
** this is not a trade advise, just my technical analysis. Please take any trade as per your analysis and study.
Uwaga
As one can see the targets are for very Long timeframes purely from descent long term investment perspective.
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.
Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.