If it had to bounce this was the perfect level 08.00Rs as per fib golden level 0.618, also it had taken support on same level 3 times , if it breaks this level it will be weak enough to touch approx. 6.00 rs level which is also a bottom of highlighted channel in light yellow, however it is a good sign to bounce from the same level where it took support 3 times, now upside i see a target of 22-25 rs in 6 mnth - 1yr may be as per previous data analysis , where it meets the bigger channel drew in light green, 16- 17 rs would be its 1st hurdle or can say point of profit booking as per previous channel high where it would also face resistance from Ema 200, which it has not broken since 2012. If we check RSI formation it broke its descending trendline and retested the same and now is upwards. all signs and analysis shows bullishness for coming few months.
@bardevolved, Hi Structure has changed now as it has broken down the channel, however if you have not exited yet, it time to hold a little bit more until breaks down 5.50rs on weekly closing basis.
BikashAgarwal
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bro.. is ur view still same.. as its not at all moving upwords.. pls rply
praveshk2
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@BikashAgarwal, this is one of the stock which will test your patience level at peak, and once most of people will give up, it will move, that's how most of the penny stocks work, last year it moved 6 rs to 15 rs approx in sep-dec 21period, then people started booking profit, however if you observe volume ,constantly getting reduced, which is a good sign. In such stocks many buyers gets stuck in many levels and whenever stock moves , those who are stuck book profit or exit, and share gets corrected, but correction in small candles shows big pockets not selling, if you connect, 13dec21 weekly candle to 11 apr 22 candle and move to daily chart you will find today stock went down from same trendline which comes around 8.65, so many people who were invested for small time, would have booked their position once they saw price hitting trendline. My view is still the same. If it breaks down 8.00 rs level 6.50 -7.00 rs level might come. But that would be another level to add , however keeping quantity in control would be recommended.