Hi Mr. Kimara, so as per your analysis, can i short now?, please advise.
WaveTradersproGroup
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I was expecting the same it will tag 750 and start felling , it made 742 as high , Good one
Regards
Tapovan_Vashisht
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@Kimara, despite outstanding results if a stock is expected to go down then there must be a strong reason for that. Global brokerage house like clsa/Jefferies/ Morgan stanly/ nomura etc have revised the targets upwards after the results. The company's revenue/ margin/ ebitda is increasing and here ideas are coming which shows 25% downside. Very strange. Kindly throw some light so that it becomes believable.
WaveTradersproGroup
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@Tapovan_Vashisht, Well its difficult to give insights on how we look in to the script valuation and others , Most of other analyst are depend on results or news , but I think Richie and my self are different despite world is at other end , Watch out tomorrow and let me know your revised opinion , its not important who is correct or wrong its very important to trade in the direction of the preceding trend
Best regards
Tapovan_Vashisht
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@Kimara, a stock overbought in hourly charts may move up down 5-10 points but I'll be watching the targets given here which you are also supporting.(612)
Tapovan_Vashisht
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Did you check the results of 3rd quarter? I really respect your trade ideas but this paricular trade is something that i'm finding difficult to believe.
Boss, first of all i do not see or check any fundamentals at all. I purely trade on technical analysis.
Secondly, i am a long term investor and only buy good shares at the lowest price and till such time.. wait.. wait.. wait.. M_M is only list, but since it is on the top of the price level.. even though all is good, the price is too high to buy now ( for me only). I am waiting for the right price to buy at the lowest price levels.
From here, the price even if it goes UP is temporary as per my MTF wave analysis. And i am not buying now.. AND if it goes UP from here and keeps going up.. i will never buy at these levels.
The script has been UP for years and then for years it is gyrating between a range - which is a correction for the UP move.
One Option is : It can continue doing so more for another some years, correction has no time limit as well as no one can predict how long a particular correction can last.
Second Option is : Time has come for a down move, a good down move.. which will hit 650 levels and go up or hit 600 levels and go up or can go down to 5xx levels and go up..
I am getting ready for this second option.. once it completes that, i would buy for longer term.
Hope this helps.
FYI, my analysis is only on the basis of waves count and Fibonacci..
VargabGhosh
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@richie.Chauhan, hey richie, i'm in the same boat as you. from my own tech analysis i can see that its at a very pivot point and must come down for a healthy move so cheers on the analysis as even i agree with you. :)