WESTLIFE DEVELOPMENT - A bullish chart for my study
Updated
This chart is basically just a learning experience for me to see how the stock behaves in the coming days. Whether history would repeat itself in the medium term? Whether technical charting and market sentiment can overpower fundamentals ?
Many of you may say it is obvious but here is a stock which technically is great as explained in the chart but fundamentally isn't great. Although virtually debt free yet the promoter holding has decreased by over 3% in the last quarter. ROE in the last in the last 3 years is -0.11% and stock is trading at 10.67 times book value.
I expect it to touch the target level of 391 which is about 11.5% from CMP of 347. Lets see if it does.
Many of you may say it is obvious but here is a stock which technically is great as explained in the chart but fundamentally isn't great. Although virtually debt free yet the promoter holding has decreased by over 3% in the last quarter. ROE in the last in the last 3 years is -0.11% and stock is trading at 10.67 times book value.
I expect it to touch the target level of 391 which is about 11.5% from CMP of 347. Lets see if it does.
Note
Stock turned weak and reentered the channel.Trade closed manually
Trade closed: target reached
*DISCLAIMER*
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
Disclaimer
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