Sintex has moved upwards from its strong support zone around 17.5. There is also a bullish divergence with respect to money flow index. In terms of valuation it has one of the lowest PE ratios among the peers at 8.45. It can be bought now with T1-23,T2-28 and stop loss of close below 16.
I am waiting at 21.50 level for stock to come and pick me up , will it come ?? can some one give me advise when i can expect it ??
or its time to watch the move
Very tricky stock , those who understand can only ride this
*XB* = As long as it is less than .618 we are fine but we prefer it to be .382 to .500.
*BD* = As long as it is more than 1.618 we are fine but we prefer it to be 1.618 to 2.618. This is not much that important.
*AB* = CD pattern is usually extended. We shall talk about this in the example.
*XD* = 0.886. Slight deviation is OK.
*AC* = Range between 0.382 and...
We draw a primary bullish retracement like this picture to find the line where XD (actually it is called retracement of XA) is 0.886 and construct our tradebox (means entry, stop loss and take profit).
That green triangle is primary bullish retracement. The tradebox is following Risk:Reward = 1:2.
But the best way to put the trade box is to use Fibonacci....
Stock struck around pivot line. Can either go bullish if breaking the pivot line towards TP=130,135
RSI around 70 which signifies bearish touch as buyers might be closing their position
Going down, Could buy around Support1, Support 2
it is visible that stock is in strong upmove after forming a double bottom at 70 level. after a sideways movement it seems stock is ready to break its resistance of 117 .
resistance on weekly chart is visible in the range of 124-134.
expect a upmove till 130+ level
breaking 112 we can expect a fall till 107
For study purpose,
Long term breakout about to happen..
Forming Cup and handle pattern..
Current resistance level: 118-120, close above it, next resistance 126/127, Next resistance 136-139.
Post close above 140, can zoom to 240..
Primary wave 1 concludes at 134.2 with 117.70 points
gain in 18 month.wave corrected 62% in time & price.
wave 3 in expected 253 to 370 minimum range.
In principle a primary wave takes a couple of years to complete.
Time frame could be 18 month or x 1.618 or x 2.618 or anything like that,
normally wave 3 concludes very swift.
(primary wave labels in square...
Ascending triangle pattern observed in sintex. If it breaks the triangle upwards it may move towards 118 in short term. In the long term the fundamentals look good and demerger of the business will have positive impact.