PIINDS TGT 4300 BUY ZONE 3400-3500/ BUY ON DIPS
Updated
PI Industries Ltd. is an interesting chart with following
1. Price moving in a rising channel and consolidating since July 2022
2. Multiple Supports at 3460-3500 zone
3. 20 Day SMA support at 3470; 50 EMA daily support at 3490
4. 50 day EMA weekly support at 3474, 20 months SMA support at 3410 levels
ABCD Pattern under formation on weekly chart with Narrowing Bollinger Bands.
MOVING AVERAGE CROSSOVERS
5. 20 SMA crossed 50 SMA from below
6. 50 EMA crossed 200 EMA from below
7. Price making higher highs for last three weeks
8. Rising Returns on equity ; Rising Returns on capital Employed
A Stock to keep in watch list to buy on dips at supports as channel high near 4300 can be a good target.
Caution: Stock is in long consolidation since 2022 and can remain sideways as it is under performing the index and sector for a long time.
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
1. Price moving in a rising channel and consolidating since July 2022
2. Multiple Supports at 3460-3500 zone
3. 20 Day SMA support at 3470; 50 EMA daily support at 3490
4. 50 day EMA weekly support at 3474, 20 months SMA support at 3410 levels
ABCD Pattern under formation on weekly chart with Narrowing Bollinger Bands.
MOVING AVERAGE CROSSOVERS
5. 20 SMA crossed 50 SMA from below
6. 50 EMA crossed 200 EMA from below
7. Price making higher highs for last three weeks
8. Rising Returns on equity ; Rising Returns on capital Employed
A Stock to keep in watch list to buy on dips at supports as channel high near 4300 can be a good target.
Caution: Stock is in long consolidation since 2022 and can remain sideways as it is under performing the index and sector for a long time.
Disclaimer: I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look to buy on dips with my own Risk Reward matrix.
Trade closed: target reached
TRADE CLOSED AT 4020 AS STOCK STARTED TRAILING AFTER MAKING HIGH OF 4040
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