PEL: Found support at break out retest PEL: Found support at break out retest and making higher low higher high bullish structure .
PEL trade ideas
Piramal Enterprises Flag pattern on weekly chart , see breakout above 2900 for a atleast 1000 pts rally in a year . stockdada.com
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2) There should be a follow through in the up move, but the stock went up without any volume, this can be either buyers withdrawn from the accumulation or the previous volume shall be sellers absorbing the demand.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!!!
Support and Resistance levels - 5 year weeklyJust studying the support and resistance for Piramal Enterprises
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.
PIRAMAL ENTERPRISES - A SHORT SETUPCMP 2441
TARGET 2185/1822
STOP 2575
Stock below 200 ema.
Stock has broken key multiple support levels with huge volumes.
Short only below 2425.
ABC in progress.. with A and B complete and C in progress. !! Short with a SL of 3004 .. target of 2700 minimum
ONLY FOR EDUCATIONAL PURPOSE , NOT SUGGESTED TO TRADE In PIRAMAL chart there is BEARISH GARTLEY PATTERN , in gartley pattern price reverse form .886 to 1.0 fib lvl .
