Technical Analysis of Parag Milk Foods Ltd.
Trade Setup: BUY PARAG MILK @ CMP | Target: 343.00-368.00
The above chart clearly shows the formation of Bullish Engulfing in the month of April 2018.
High: 320 | Low: 243 | Open: 252 | Close: 304
In the month of May, the candle retraced 26 points from the high and made a low of 291, and given an entry point for entering the trade. Therefore from the levels of 291, we can expect a bullish move of almost 26 points and 52 points to 77 points.
Hence expect levels of (291+26)-(291+52) - (291+77)
= 317-343-368 points
In the weekly chart, the rectangular block clearly shows the formation of Bullish Engulfing pattern.
Hence, the monthly and weekly charts are giving an indication for a highly bullish momentum.