Please see the related idea attached below, in order to refer where this is coming from.
SINTEX, which has been shot down by bears from 91 levels to 70s, seems to have completed its impulsive wave 1-2-3-4-5.
As mentioned in the related post, we were waiting to see which level will the stock take support at. After taking down first two levels (we should have recognized the bearishness after it leaked from the channel), bulls came in finally at 71 level - which was the 3rd and strongest level among the three levels we were looking at.
It appears as though we are now in the corrective wave A-B-C and may use this opportunity to look for 4-5% gains, if the pattern unfolds as expected and wave C gets underway.
I'll keep the post updated, after looking at further movement of the stock.
Please provide your views/feedback in the comments section.
Nikhil Ghodke
Indian Institute of Management, Indore (IIM-I)
Mob 7719034978
SINTEX, which has been shot down by bears from 91 levels to 70s, seems to have completed its impulsive wave 1-2-3-4-5.
As mentioned in the related post, we were waiting to see which level will the stock take support at. After taking down first two levels (we should have recognized the bearishness after it leaked from the channel), bulls came in finally at 71 level - which was the 3rd and strongest level among the three levels we were looking at.
It appears as though we are now in the corrective wave A-B-C and may use this opportunity to look for 4-5% gains, if the pattern unfolds as expected and wave C gets underway.
I'll keep the post updated, after looking at further movement of the stock.
Please provide your views/feedback in the comments section.
Nikhil Ghodke
Indian Institute of Management, Indore (IIM-I)
Mob 7719034978
