Random Stock Analysis - Kirloskar Oil

2 thg 12, 2021

######### Kirloskar oil #########
Month:
1. pullback for last 4 months - 50% completed after rally

Weekly:
1. pullback for last 4 months - 50% completed after the rally
2. 29% fall from ATH since July and is matching with 50% in Fib retracement level

Daily:
1. Current Price is below 200 MA - a bearish signal; Need to wait for Breakout
2. Main Correction wave started in July.
3. Sub correction wave ABC started on 05th Oct and completed on 22nd Nov and is confirmed using Fibonacci Retracement level of 1.618 (Rs.181.15) from A point.
4. Now, the current price is Rs.191, which is closer, and waiting for 2 consecutive green candles to appear
5. Once two consecutive green candle appears (around Rs.195), then we can enter immediately with a target of Rs.10-20% (to match B point of ABC wave)
6. if breaches 10% rally, it may go to ATH price of Rs.269, which is 40% from entry point.

Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.

- Gnanasekaran