Trident had an amazing run in 2021 when stock price went up from the levels of around 17 (marked in dotted blue horizontal line) in July 2021 when the above chart was discussed to a high of 70 in Jan 2022 ( 4 times in around 6 months) . Since then it went down along with other textile companies and posted a bottom at 25. This down move took nearly 14 months from Jan 2022 to March 2023. Since then it is attempting another upmove.
The beauty of the chart put below is its simplicity. Just two dotted blue sloping lines drawn to show breakout from falling trendline. In the latest upmove, stock price went up after breaking out above 37 to post a swing high of 43.75 and started correcting. Now after retest of breakout level of 37 (marked in solid green horizontal line) it is showing strength.
On candle sticks last week was a doji candle with a higher upper wick. This week it was a bull candle with a weekly low at 36.55 and closed at 38.50. The low for the week is very close to a previous major breakout level and at 61.8% retracement to entire previous rally.
Going ahead, levels of 36-37 are key support zones to be watched and key resistance at 42-43 levels. If and when resistances are taken out, we can see a good rally.
disc: I have taken a trading position at around current prices based on above technical picture with clear cut stop losses in mind. ( not a recommendation, please do your own diligence if you consider buying. )
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