Averoy_Apoorv_Analysis

Why you should be careful before trading in PRINCEPIPE

NSE:PRINCEPIPE   PRINCE PIPES FITTINGS LTD
As many of my followers were asking about PRINCEPIPES, here is my view, Plz read the whole If still, your setups match go for it :)
Logic points --
1) On Monthly charts, It has not given a good retracement
2) On the day chart if you make a Fibonacci retracement from the lowest part till the near term high then u will see a retracement of only 0.2
3) Such retracement either show heavy bullishness for the short term or can be deadly bearish for the long term faking out for the retracement part just like a breakout
4) A good consolidation on the D chart only doesn't mean bullishness, although the chart seems interesting and is consolidating continuously for some days so what to do now?

Answer: Either enter now if you are so attracted towards PRINCEPIPES and only wanted to trade in it as per your setup says, But then do make a good and strict SL and also use less capital ( really less ) just in case.
OR
Wait for some time, let it consolidate for some weeks or days more, and come to FIBONACCI levels retracement of 0.5 or 0.6 in order to get the real bullish momentum in the stock you are looking for.

Thank you, AAA

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