NSE:UFO might seem to run and go towards Rs100-115 but I believe it will be a Buyer Trap for us. Long term perspective is bearish.
But if any how this scrip shows good numbers and profits in quarterly results and the price closes above Rs120 on a weekly basis the trend shall change to bullish.
Until this doesn't close above Rs120 DO NOT BUY for investment or long term.
I'm expecting a breakdown (maybe the stock can take support at the level and possible for a double bottom and move upwards)
The Reason Why I'm bearish:
1.Bearish Engulfing at channel resistance
3.Nifty looking weak
4.Rangebound breakout will be very effective.
5.Avoid taking long for this month(index looking weak )
Disclaimer: Please consult...