Exide has formed with two powerful patterns ie., Bat and Butterfly. The level of 227.50-228.50 seems to be a sound exhaustion point for bears. We will sell this script in that zone.
CMP 219.75 | PRZ 227.50-228.50 | SL 230.50 | T1 225 | T2 223
Chart by @avyaktha on 10-04-2019
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EMA 50-day and 200-Day signals the bearish trend. Recent reversal from 50-day EMA and MACD confirms the downward trend. In the coming days, the stock would retest the downside level of 200. Expect it to expire below 200-EMA which hovers around 240 level.
WATCH THE LEVELS ON THE CHART !
PS:- PLZ DO OBSERVE THAT EXIDEIND SHOWS A STRONG CORELATION WITH NIFTY 50. LAST TIME WHEN NIFTY FELL FROM 11500 IN SEPTEMBER 2018 ,EXIDEIND ALSO HAD A STRONG FALL AND RETRACED ABOUT 78% . SIMMILAR CONDITIONS ARE FORMING AGAIN INDICATING A CHANGE IN TREND .