Signet Industries: Bullish Divergence

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A bullish Divergence is appearing in the stock of Signet Industries.

The stock had witnessed a long distress & constant selling pressure since 29/01/2016 from its top of 71.90 to its recent low of 13.30 made on 20/04/2017, a period of almost 13 months. Remember that 13 is the number of the Fibonacci numerical series.

Secondly, the stock having seen such a big fall in its price, looks to be more of a retracement to its total rise from its low of 8.72 (30/03/2015) to 71.90. However, it is yet to confirm whether the move from low of 8.72 to high of 71.90 was an impulse run or not, at first sight it looks to be an impulsive run.

Moreover, the stock is giving a signal of bullish divergence , giving confirmation to the end of its southward movement from top of 71.90 to 13.30.

Though the stock, as of now, is fundamentally is not so good but looks to be a good bet to invest in for long term view, preferably 5-7 years, as it is expected that the company might post better earnings as the years go by.

Do your research before entering into the stock.
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