Hello All,
We did both technical and fundamental analysis on Alkem Labs.
Fundamental Study:
The stock looks strong as per fundamental analysis.
Technical Analysis:
Current Market Price: 2775.45
1-Day Time-Frame: (For Swing Trade or Positional Trade)
The current market price is exactly around to resistance lines. 1. Horizonal Resistance: 2800 and 2. Short Term Resistance trend line.
If stock breaks above 2800 and sustain above, then immediate target of 2853 can be seen.
Upside levels are drawn in blue dashed line that can acts as upcoming buy side targets.
Immediate 5% upside target can be seen followed by 10%-12% upside movement in coming few days.
In case stock doesn't move above 2800 then it can fall back around zone 2560-2565 and may reverse from the same price. Hence this zone 2560-2565 can acts as a strong support.
As per MACD, we can expect a buy side movement.
You can check more around technical study in the below screenshot,
Thank You,
The Strategic Fortune Team
Disclaimer: Not for buy/sell recommendation. The information is shared based on technical analysis for study purposes. Market can be unpredictable and no one can be sure about its next move, however it's all about probability & based on historical data, we can try to predict the next moves. Concern your financial advisor before making a decision.