PATEL ENGG : Will history repeat

Going back to the data on BSE, we saw that Patel used to trade in between 11-23 during May 2002- Dec 2003. It gave breakout in Dec 2003 made high of 38 and then again fell back to 18.25 from where it has run non stop. 16 used to provide support during those days.

Levels to watch out are 18.25-15.90 . If counter makes panic low in this zone and then again closes above 23 (daily or weekly) with volume, then that low can be used to buy stock for target of 38.

Order cancelled:

Nothing of that sort happened which we had expected. Avoid