Sanghvi Movers Ltd: ₹133 Next resistance is at 195 Stop:130

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Sanghvi Movers Ltd: ₹134
Trading near the Bottom Trend line of a falling channel ,
with the indicators showing a positive divergence.
Next resistance is at 195 Stop:130
Comment: The support & bottom is confirmed with a long green candle.
Comment: cool expectations
on break above the pole & flag will meet 220
Comment: Look, How the 195 zone pose a resistance!
Comment: Our 195 resistance was fine. Many of our fiends here thinking that 195 is an exact value for break out, above that will make more targets. it is not like that. Here 195 is an area or Zone were the price can terminate. even if i put a band like 100 t0 200 also will work the same way. Trend line breakout also is varying based on the steepness of the line.
Now at support ,will not be of any use if the results are bad.
can we take it as double Bottom ?

Any view on MCX further movement ?
@SWASTIKUMAR, Hope you refer SANGHVIMOV in first part. A Double bottom should have a same price range in the last pivot.
Here the current price155 and previous pivot is around 140,or if you are talking about last two days candle,
we can use it for candle stick pattern. That could consider as a piercing line, but doesn’t qualify
since the second day bottom is not fully covering the shadow of first day.

MCX my view is posted in mcx thread. it may find support before 725. let us watch how the accumulation phase will set in.

Hello ,
Thank you for the explanation. I was holding the fut from 770 but today I existed as it went down further.
@SWASTIKUMAR, sorry i am mistaken for the piercing line..... that is not in my earlier..
that is today's development.. hee
Quality setup...Good find..
What is the reason for severe fall in stocks price as visible in charts ?
padiyaraa hotpot64
@hotpot64, :D
Technically may be due to the break of long term trend line, or may be a strong resistance at falling channel, or even may be a failed golden cross,reasons are plenty.

The fundamental reason was very much discussed in media on those days in mid August, about a weak Q1 results. So it was assumed that unless Sangvi shows a good result it cannot improve. But by the time the news comes out, the price will discount/adjust to that value.
+1 Reply
hotpot64 padiyaraa
@padiyaraa, Thanks for the detailed reply, as the fundamental reason highlighted by you regarding weak Q1 results, I now checked and found that due to change in policies by govt. for wind sector, they are not expecting growth going forward at least for this year.

My question is, will technicals prevail over weak fundamentals ? even if technical prevails will it be able to move 40 - 50 % from current levels to 195/- given the future outlook is grim.
As I am planning to invest some for the period of 6 - 12 months, so I am searching for the stocks which look promising.
hotpot64 hotpot64
@hotpot64, as looking at the second chart which you posted it might move upto 145 - 150 and then further downfall, correct me if I am wrong.
padiyaraa hotpot64
@hotpot64, you can assume any way you like it, But I dont see any major resistance at 150 in daily chart.
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