PRAJ IND (174.40)
READY FOR A BIG MOVE...
(click the charts for better view)
This stock formed Triangle in mid-may and about to complete the Symetrical Triangle formation. Looking very good on the charts, mainly it got the strong support from the lower trend line and just once penetrated in late july and once say it's the fluke. 175 is the major resistence for this stock and if it breaks the 175 mark then surely it'll complete the triangle formation. The resistence comes at 180-185, 195, 202-205 and 212 and the support comes at 171-168 and 161, i bet go long in this stock with the stop loss of 161. Indicators side all are intact and therez no cause of panic, since late july the stock struggled to close above the 100DMA. Possibly this might be the time where it can sustain above the 100DMA...
READY FOR A BIG MOVE...
(click the charts for better view)
This stock formed Triangle in mid-may and about to complete the Symetrical Triangle formation. Looking very good on the charts, mainly it got the strong support from the lower trend line and just once penetrated in late july and once say it's the fluke. 175 is the major resistence for this stock and if it breaks the 175 mark then surely it'll complete the triangle formation. The resistence comes at 180-185, 195, 202-205 and 212 and the support comes at 171-168 and 161, i bet go long in this stock with the stop loss of 161. Indicators side all are intact and therez no cause of panic, since late july the stock struggled to close above the 100DMA. Possibly this might be the time where it can sustain above the 100DMA...
posted by Naveen Pantera at 8:25 PM
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