Alkem Lab Ltd

 Alkem Lab CMP 3438 Lot 200

View: Bullish

Price has retraced back to its support level around 3400-3500. As per Fibonacci retracement, the price has already done 50%. It might resume the upward trend either from here or from the golden ratio at 3100

Volume profile at last consolidation area of mid-July to early August indicates a support at 3450



Volume profile at the uptrend following the above consolidation indicates a resistance level of 3810


The volume profile in the recent fall/retracement indicates a support at 3500

The 8 and 13 EMA daily have closed their gap pretty much and if momentum persists, the 8 EMA can drive up the 13 EMA

Plan
Take long position at price crossing over 3500
Stop Loss at 1 weekly ATR of 213 i.e. price falling below 3285
Target at 1.5 weekly ATR i.e. at price 3713
Plan will be shelved if prices do not bounce in next week



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