PASHUPATI ACRYLON LTD(PASHUPTAC)

21 ก.ค.

Elliott Wave Analysis for PASUPTAC (NSE)

Overview

This Elliott Wave analysis highlights the expected price movement of PASUPTAC, illustrating potential future trends using Elliott Wave theory. The analysis identifies key wave patterns, suggesting a bullish outlook with specific price targets.
Detailed Wave Count

Primary Wave Count (I to V)

1. Wave I: The initial impulse wave started from the base around April 2023 and progressed upwards, completing near 50.00.
2. Wave II: A corrective wave followed, marked by a sharp decline, bottoming out at around 33.50.

Sub-Wave Count within Wave I

- Wave (1) to (5): The movement within Wave I can be further divided into five smaller waves, where:
- Wave (1) initiated the uptrend.
- Wave (2) saw a brief correction.
- Wave (3) was a strong upward movement.
- Wave (4) experienced another correction.
- Wave (5) completed the upward wave to conclude Wave I.

Sub-Wave Count within Wave II

- Wave A to C: The corrective phase Wave II can be subdivided into an ABC pattern:
- Wave A marked the initial drop.
- Wave B was a brief recovery.
- Wave C completed the correction, forming a five-wave decline within itself, labeled as (1) to (5)C forming an ending diagonal with hidden bullish divergence in RSI.

Forecast and Future Projections

Upcoming Waves (III to V)

- Wave III: Expected to be a powerful impulse wave. This wave is projected to target around 80.34 that is 1.68 Feb level initially, potentially extending higher.
- Wave IV: Anticipated to be a corrective wave after the completion of Wave III. This correction is expected to be mild, holding above the 70.00 level.
-Wave V: The final impulse wave in the current cycle is projected to push the stock towards 85.00 or higher, marking the completion of the broader upward cycle.

Key Levels to Watch

- Support Level:33.50 – This level marked the bottom of Wave II and is crucial for maintaining the bullish outlook.
- **Resistance Levels:** 50.00 (previous high of Wave I), 80.34 (target for Wave III), 85.00+ (target for Wave V).


Cup and Handle Pattern Analysis for PASUPTAC (NSE)

Overview

This technical analysis highlights the formation of a bullish cup and handle pattern in the PASUPTAC stock, accompanied by significant accumulation and a spike in trading volumes. The pattern suggests a potential upward breakout, offering a favorable risk-reward opportunity for investors.

Detailed Pattern Analysis

Cup Formation

• Base Formation: The stock formed a rounded bottom, starting from around July 2022 and extending through to June 2023. This phase represents the cup’s base, indicating a period of consolidation and accumulation.
• Rim of the Cup: The stock reached its initial high around 50.55 in June 2023, marking the upper rim of the cup.
• Depth of the Cup: The lowest point of the cup formation was around 22.35, indicating a significant retracement before the price started to recover.

Handle Formation

• Initial Decline: Following the cup formation, the stock experienced a minor pullback, forming the handle. This retracement was relatively shallow, maintaining support around the 33.50 level.
• Volume Spike: During the handle formation, there was a notable spike in trading volumes, indicating strong accumulation and investor interest.

Volume Analysis

• Accumulation Phase: The volume analysis during the cup’s base formation shows consistent accumulation, suggesting that investors were gradually building positions.
• Volume Surge: The handle’s formation phase saw a significant increase in trading volumes, further confirming the bullish sentiment and potential for an upward breakout.

Price Targets and Key Levels

• Breakout Level: The critical breakout level for the cup and handle pattern is around 50.55. A decisive move above this level would confirm the bullish breakout.
• Target Projection: Based on the depth of the cup, the target projection for the breakout is approximately 80.34, representing a substantial upside potential from the current levels.


Conclusion

The Elliott Wave analysis indicates a strong bullish potential for PASUPTAC, with significant upward movements expected in the coming months and also The cup and handle pattern in PASUPTAC, combined with strong volume accumulation, indicates a bullish outlook. Investors should watch for a breakout above the 50.55 level, which could lead to significant gains, with a potential target around 80.34. This pattern offers a promising trading opportunity, supported by robust technical indicators with invalidation level of 33.5