LIC India goes into a 'Wave 3' impulse
The largest insurer in India showed a massive volume and price gain on Friday's trading session bringing itself into some spot light.
The stock was in a corrective triple three structure from the start of Sep. until Nov 13 when it completed the correction with a truncated 'wave 'z''.
In a matter of only 7 trading days after having completed the correction, the stock is up 12% from bottom 'z'.
While Friday's move might make it look like the stock has over-shot a bit but in totality of things the 'wave 3' is not even half-way from its target. INR 780-790 zone is the projected wave 3 target.
It makes sense to accumulate this stock between INR 655-685 levels before it jumps above the INR 700 mark.
CMP 677
Support zone 655-660
Target 780
Note*- Please do thorough analysis of any financial instrument before you trade/invest in it. The views expressed here are my personal opinions and not an advice to buy/sell.
The stock was in a corrective triple three structure from the start of Sep. until Nov 13 when it completed the correction with a truncated 'wave 'z''.
In a matter of only 7 trading days after having completed the correction, the stock is up 12% from bottom 'z'.
While Friday's move might make it look like the stock has over-shot a bit but in totality of things the 'wave 3' is not even half-way from its target. INR 780-790 zone is the projected wave 3 target.
It makes sense to accumulate this stock between INR 655-685 levels before it jumps above the INR 700 mark.
CMP 677
Support zone 655-660
Target 780
Note*- Please do thorough analysis of any financial instrument before you trade/invest in it. The views expressed here are my personal opinions and not an advice to buy/sell.
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إخلاء المسؤولية
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.