Ganesh Benzoplast-waiting for a correction

May 20, 2018

While the price action in the last 8 months has been pretty suspicious of distribution, while the monthly chart suggests a oversold stoch cci when the price action is in the demand line /support line of the uptrend channel..
So this is a ambiguous scenario, where if i give preference to the story told by the price action it seems to be artistic selling by the composite operators...


If indeed there forms a spring....spotting the last poijt of support in the phase d will be crucial, but a UTAD seems to be a more likely phenomena...

Disclaimer.. following the fundamentals, and waiting for the correction to bottom fish

May 20, 2018

Note

here is a volume candle chart from my broker's software
drive.google.com/file/d/1b_7JvPTFihcp1uMVr0bzZx32rcNo5q0y/view?usp=sharing

Note after the show of weakness the volatility increases but what this chart dissects and shows is in the later half of the trading range , the vols good on the rallies , inspite of the effort, the MA100 or the supply line could not be breached to exhibit a show of strength, this concludes there has not been any operator buying at the support of the trading range... the buyers are rather the weak hands here... distribution is very likely the case here