skshriva

GAEL Technical - Short to Medium term

BSE:GAEL   GUJARAT AMBUJA EXPORTS LTD
1
With my novice brain I have outlined the below:
This stock is in uptrend and ongoing correction gives us the opportunity to re-enter at lower levels.
Pink hash-ed line above current price indicate Resistance and below indicates Support.
Buy zones at 2 support levels which co-insides with 50%-61.6% and 78.6 % Retracement on fib as well as gets the support of trend-lines. All buy must be done on the right side of counter trend line ( coloured Red) . Stop-loss can be put below A on fib (70.54) or below 74.20 which is last point of U-Turn . I would prefer to put below A.
Will further update next week.
Any comment on this would be appreciated.
Happy Trading!
Trade active: Buy Zone 1 hit. Showed strong move after hitting a low of 83 now trading at 98.
Trade active: Target 1 hit.