Exide in short term down trend
Can go short around CMP 181 with SL at 188
Overall view is that this stock trading within a triangle as per chart. Major Support is at 170 and major resistance at 195.
Do your own analysis before investing.
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After a brief downward movement starting from 218, there is an evident inverse head and shoulder pattern visible. Two shoulders at 180 range and head at 170 range. Potential upside is there for this stock and this can be predicted to cross 200 in the near future.
NOTE: This is only for educational purposes and do not constitute specific financial, trading or...
Long Idea - Target 198.
Setup - ABCD pattern
Entry - 185-186
Stop - 169.5
Price Target - 198 range
This is not a high momentum stock and is investment grade.
Even if the stoploss is hit and prices crash, the stock is a great buy around 120 levels.
Disclaimer: Please trade and invest at your own risk.
Note: This is for educational purpose only and please do not trade in F&O.
There seems to be a breakout with good volume on "weekly" time frame. The breakout has happened since September 2019. There seems to be a breakout on RSI as well.