Good breakout in PATEL ENGINEERING
short targets 20
long targets 25++
Range break out in Fibonacci Retracement with high volume
Note that my analysis is only for educational purposes, fell free to give your view on my analysis
Buy on daily and weekly time frame. Above 15.50 look for 20-30 in Short term.
Overall Engineering and Utility sector is doing good where this business will also be an beneficiary.
Going back to the data on BSE, we saw that Patel used to trade in between 11-23 during May 2002- Dec 2003. It gave breakout in Dec 2003 made high of 38 and then again fell back to 18.25 from where it has run non stop. 16 used to provide support during those days.
Levels to watch out are 18.25-15.90 . If counter makes panic low in this zone and then again closes...
Pateleng is forming a bottom around the daily demand zone, RSI is also showing positive divergence on daily chart
I would buy at 61 for
T1 = 65
T2 = 69
T3 = 75
T4 = 81
SL = 58.9
Share has made a break-out from Symmetrical Triangle Pattern (indicated in graph) with very good volume. EMA 12 days has also came above the EMA 26 days (shown by green and red line). Share price is expected to increase.
