An interesting Indian stock to watch

by | May 24, 2023 | Indian Stocks Trading | 0 comments

4 April 2023

Here is an interesting stock from the Indian market that you could watch and learn from the analysis that follows. Apoctex Industries has come off from its highs and is now on an upward swing. There is a chance that we could have embarked on a wave 5. Bear in mind that what follows is educational material and not a trade idea. Besides, this is not a blue chip stock either. So be careful.

Weekly chart of Apcotex Industries shows an extended wave 3

Showing the stock has reached a 38.2% retracement already

A 161.8% projection lands it near the 50% retracement of 538

Deciding on a trade

What do you have in these charts above?

Step 1: Identify a good stock that offers a significant potential if we are right.

Step 2: Figure out whether we could see a reaction from its current levels for us to enter at an advatageous level.

Step 3: Try to look at the picture from more than one angle.

Step 4: Decide on where to enter, where to exit on a stop.

Of course, there are other considerations that are explained in my online course. These are basic steps that all of your trades should anyway have.

Remember, once again, this is merely an illustration of some of the things that I look at when deciding on a potential candidate. It is not a trade recommendation. All the best.


An interesting Indian stock to watch

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