PAGE INDUSTRIES | Hanging around crucial Weekly support
Stock is trading below critical round number of 20000. 61.8% FIB level coincides at that price. Weekly close should be closely monitored.
If stock happens to close above 20000 on weekly basis, it would give some hope for the Bulls.
On the other hand if the stock closes below 20000 it could potentially trigger another round of selling. Visually, one can observe that a close below 20000 can lead us to believe that a Head & Shoulder pattern has been confirmed. From technical point of view the target comes at 3630. That indicates a fall of nearly 80%, which in reality is questionable (Currently Page Industries does not appear to be such a bad stock). Hence the recommendation would be to NEGLECT the pattern.
Hence, further fall if any could possibly get arrested on the Trendline T1(Blue) or at 17000 which is a very significant level as we could see on the chart.
(Note: Even though technically we cannot deny, Head & Shoulder pattern here can be taken as an example of limitations of Technical analysis wherein target comes at unrealistic levels. There're also cases where sometimes the target will be below 0 which we know can never happen)
If stock happens to close above 20000 on weekly basis, it would give some hope for the Bulls.
On the other hand if the stock closes below 20000 it could potentially trigger another round of selling. Visually, one can observe that a close below 20000 can lead us to believe that a Head & Shoulder pattern has been confirmed. From technical point of view the target comes at 3630. That indicates a fall of nearly 80%, which in reality is questionable (Currently Page Industries does not appear to be such a bad stock). Hence the recommendation would be to NEGLECT the pattern.
Hence, further fall if any could possibly get arrested on the Trendline T1(Blue) or at 17000 which is a very significant level as we could see on the chart.
(Note: Even though technically we cannot deny, Head & Shoulder pattern here can be taken as an example of limitations of Technical analysis wherein target comes at unrealistic levels. There're also cases where sometimes the target will be below 0 which we know can never happen)