AUTOLINE INDUSTRIES - A TURNAROUND STOCK

23 ก.ค. 2023

HELLO FRIENDS,

Here I am sharing my views on AUTOLINE INDUSTRIES (NSE).
the Stock has given a fresh breakout on 24th July with good intensity of volume suggesting bullish bias in the stock.
Each and every indicator that is helpful in our analysis are also showing bullish bias of which snapshots are given below.

Breakout of downward sloping trendline.
https://www.tradingview.com/x/QiJk6ukJ/
Now we understand the overall past structure of this stock as per ELLIOT WAVE counts.
The stock was in double correction phase in the Wave structure as WXY which is now seems to be completed and now we are in Impulse wave structure of 1-2-3-4-5, in which Wave 1 and 2 are completed and now we are unfolding bigger wave 3 of impulse wave 1-2-3-4-5.

Overall wave structure
https://www.tradingview.com/x/yNgaNAyE/

At the time of breakout the stock gave a strong closing above significant Exponential Moving Averages i.e. 50-100-200
https://www.tradingview.com/x/xzVLgWxg/

Our Trend Indicator - MACD is also positive Uptick in daily as well as in weekly time frame
MACD DAILY
https://www.tradingview.com/x/frvo94ly/
MACD WEEKLY
https://www.tradingview.com/x/HZ384L0e/

Strength Indicator/Oscillator - RSI is also positive uptick in double time frame and also it is above 60 that indicates strong strength.
https://www.tradingview.com/x/boRTNwXp/

Directional movement index - DMI is also showing strong strength as DMI+ line (green) is positive uptick along with DMI line (black)
https://www.tradingview.com/x/5JMPwPhc/

Price at the time of breakout is also challenging the Upper Bollinger Band
https://www.tradingview.com/x/7Oybb4xU/

Conclusion/summary
As every parameters are suggesting bullish bias, one may go long with strict stoploss.
Thank You - KARAN DINGRA

Disclaimer-
I am not a SEBI registered analyst.
All my studies are for educational purpose.
I am not responsible for any kind of your profits and losses.