COLPAL
COLPAL Long...Guys COLPAL makes Fib Retrace Keep watch and take profit
Entry zone 11509 to 1168
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Colpal : Can we get that Dual Breakouts ?The Dual Breakouts are one from Triangle & next in terms of channel on higher timeframe.
i) You can trial stops & ride more upside if Colpal gets bullish
ii) On larger Timeframe it will be channel, so channel breakout possibility also there
If all goes well, we are in for treat with this colpal breakout.
Colpal In Red Due To PatanjaliOutlook :
After posting a 52-week high of 1049, on 04th May 2017, stock witnessed profit booking in the last trading session, resulting into a “Bearish Engulfing” candlestick pattern, erasing all previous day’s gains. This pattern is formed generally at the end of an uptrend, or near a potential resistance and is a reliable reversal pattern
Moreover, we also observed “Bearish Divergence” where prices continue to form higher highs while oscillator (in this case an RSI) is forming significantly lower highs (indicating weakness in the trend.)
Technical indicators are currently giving negative signals as the stock trades below the short term (21 day EMA). Slow stochastic is in overbought range with a value of 80.07, Macd is marginally weak.
Stock posted a weak close for the week, below its monthly pivot levels, which suggest a push downward to the next support levels.
Combining the above technical evidences, we expect further downside for the stock prices and therefore recommend to sell this stock at (price range of 1020-1010 with an downside price target of 953-926. Strict stop loss should be placed at 1063 above which the bearish view will
be voided.