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EXCELINDUS weekly chart study - Broadening wedge

EXCEL INDUSTRIES (NSE:EXCELINDUS)  
k314 Updated   
NSE:EXCELINDUS   EXCEL INDUSTRIES
Trend Analysis Technical Indicators Chart Patterns EXCELINDUS
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trendanalysis indicator chartpattern excelindus
EXCELINDUS weekly chart shows its highly overstretched at current levels.

Formed a broadening wedge pattern.

Expecting it to test 1300-1350 zone soon. Investors who are very bullish can buy a small quantity in this zone. But it would be safe to wait for a bounce confirmation on weekly chart at this zone before you buy.
Comment:
Pitchfork analysis shows big upside and the median line coincides with the 1300-1350 levels.
If it takes support at the median line and gives a bounce then that could be a good signal to buy as risk will be very small (by placing SL below the median support)

snapshot
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