Manali Petrochemicals

Attaching a trade of Manali Petrochemicals (Deep Crab & Elliott Wave 3 pattern) which is still in-progress.

Recently when I was reviewing my trades noticed that by following Harmonic patterns the RvR (Risk vs Returns) will be good as it is based on price reversals at key levels (which I'm already following using Fib levels) though the stop-loss needs to be placed far away.
I had learnt Harmonic patterns before 2 years and I'm trying to refresh my knowledge now to take my TA knowledge to the next level as TA is all about using the emotions of Market participants and to gain based on price action.

 

Hi Raviraj,

I have been keeping Manali petrochem in my checklist as this is a fundamentally good company
Debt free ,good prospects etc

can you let me know what levels to see in this stocks to make a fresh entry
and tgt

 

Hi Sethu,
22 - 24 is a good buy zone
Usually I'll aim for RvR 2:1 and if the pattern looks good continue with the trend.
In this case as it seems to Wv3 which is the longest in Elliott Wave I expect a good trend considering the huge volume in the uptrend and below average volume during the pullback which means the bulls are still interested in this stock.