EID Parry has bounced back from the long term support line. Weekly volume and candle is positive supported by RSI & CCI crossover. Daily RSI & CCI are in positive zone. 147 is the major support and 205 is the major resistance. Trader can trade the zone till the time stock is in range.
Value buyers with risk appetite can buy in dip at 175 with stop loss below 140...
Eid Parry could be in a Flat pattern consolidation. The waves A,B are done and we might possibly get a wave C- a move UP in the 1 hour time frame. Risk Reward seems good too. But first, let it finish its current lower time frame consolidation.
Retraced from long term 61.8 fibo level
and crossed with strength
BO1 + BO2
Bottom is confirmed on Weekly
Reversal confirmation on Daily
CCI(D)>100
Can start a EW (3) on the M charts
SL 176
EID Parry can be added at 279.50 and 270.05 for target 326 .. Stoploss can be placed at close below 263.50. A strong scrip available at decent valuations. Expecting the price to go much higher in times to come.
