PEL trade ideas
long piramalDepending on signs of RSI showing strength and MACD crossovers, a pullback to 2400-2450 levels can be safely expected. There's a resistance there. Breaking resistance will determine whether we are in first leg of next wave or decending down to complete 5th leg . But in any case, 2400 levels seem probable.
BSE:PEL
PEL: More pain As the support of 2100 has been broken twice that too with high volume, closing near new 52 week low, PEL is heading towards 1650 and 1450. It would be good to wait for these levels before long term investing specially wait for 1650 by December. For Educational purpose. Please do your own analysis before investing.
PEL Bearish Volume Spread Analysis VSA1) After a strong up move there was a huge volume but the spread was minimal. but yet the price managed to close in the middle. It could have been the buyers re-entry point
2) There should be a follow through in the up move, but the stock went up without any volume, this can be either buyers withdrawn from the accumulation or the previous volume shall be sellers absorbing the demand.
3) followed by a down bar
4) There was a clear test of supply as shown with a very small volume denoted by letter 'a'.
5) The test indeed is a successful test, We have one more test closing well below. again it is a successful test look at the fall in the stock.
6) It is a no demand up bar, followed by bearish candles.
Now we have a area of support at 2630 region lets observe the price action in that region and come to a conclusion of further fall.
Have this in your watch list guys!!!
PELTake note of Turning Around story in India Pharma Industry. Bottoms are made. Now turning up. PEL was a much sought after stock till a year back. For last one year this good stock has been correcting. Now price is heading towards 200 DMA just like some other Pharma stocks I have been covering. Most of these are showing same pattern. Time to invest.