Sometimes certain stocks which are generally very quiet will end up making crazy movements under volatility. Often they have low beta and less correlation with the general market Index like Nifty 50.
One such stock is Gokul Agro Resources Ltd, which goes by the ticker symbol NSE:GOKG. Within 3 – 4 Days, this stock had rallied by more than 60%.
After trading in the Range for the last 5 – 6 months, the recent shoot-up has pushed prices all the way from 80.00 to 130.00.
Market Behavior is also exhibiting signs of Institutional activity in the stock. Take a look at the Price Action of the Stock.
Gokul Agro – Price Action Trading Analysis on Daily time frame
Look at the last few candlesticks; we can witness a strong upside momentum and buying pressure in the stock.
There’s a strong support zone at 80.00, prices shot up after testing this level. Based on what we see in the price action, it looks like an institutional Support zone.
Some Big player or insider must have acquired certain stakes in the company; even the volume built up suggests the same.
To understand how to spot Big players with Price Action, take a look at the video lesson given below.
Keep an eye on this stock; it might end up giving us a good short-term trade. I am expecting a retracement before the upside.
What’s your opinion about this stock? Let me know in the comments.
