Page Industries had declined sharply since April until August where the stock managed to enter into a consolidation and in the interim created a nice rounding pattern that eventually lead it to a breakout above its value resistance zone around 21000. These zones also happen to be a gap area that has managed to halt the prices after its strong breakout seen in end...
Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
The stock slipped below its neckline support of 21,000. The measuring implication from the pattern indicated a possible target of 9,000. Before it reaches there it will find strong support near 17,000 mark. The stock is just a thousand rupee away from this level. Bulls could lend support at 17,000 but if they fail then one should be ready for a ride lower.
Stock is trading below critical round number of 20000. 61.8% FIB level coincides at that price. Weekly close should be closely monitored.
If stock happens to close above 20000 on weekly basis, it would give some hope for the Bulls.
On the other hand if the stock closes below 20000 it could potentially trigger another round of selling. Visually, one can observe...
Page Industries Ltd. engages in the manufacturing, distribution, and marketing of innerwear, leisurewear, sportswear, and swimwear for men, women, and kids. The company was founded by Sunder Ashok Genomal and Ramesh Genomal on November 15, 1994 and is headquartered in Bangalore, India.
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PAGEIND
