Pidilite Ind showing some love...
Lets have a look at the analysis -->
1> EW analysis -->
Counting from low 1095 on 15th May 2019 till 1304.80 on 11th June 2019 as an impulse move, and from the same high till recent low at 1195.55 as an corrective ZZ move, we might be in either impulse move upside or B of the same corrective more or x of same corrective move. The most biased and preferred count is an impulse move upside, still whatever wave it might be, it will result in up-move only.
2> Classical TA -->
a. Top formed at 1304.20 and 1304.80 gave possibility to double top(marked w/ an arc on the chart) which was activated after breaking the neckline of the double top and the height/target of double top is at 1200 level approx.
b. 1202 -1992 is a major support for the scrip.
c. previous day it formed a bullish kicker on daily chart.
d. the scrip has retraced 50% of Fibonacci level.
e. given breakout to the downtrend channel
3> Putting it all together -->
Currently, it has some support at 1222/18 levels, which can be used to go long for the targets of 1248/62/84 levels with Stop loss 1199, or using your own strategy and risk management.
Incase you missed previous idea on the same scrip -->
Regards,
Sharma Yogesh
1> EW analysis -->
Counting from low 1095 on 15th May 2019 till 1304.80 on 11th June 2019 as an impulse move, and from the same high till recent low at 1195.55 as an corrective ZZ move, we might be in either impulse move upside or B of the same corrective more or x of same corrective move. The most biased and preferred count is an impulse move upside, still whatever wave it might be, it will result in up-move only.
2> Classical TA -->
a. Top formed at 1304.20 and 1304.80 gave possibility to double top(marked w/ an arc on the chart) which was activated after breaking the neckline of the double top and the height/target of double top is at 1200 level approx.
b. 1202 -1992 is a major support for the scrip.
c. previous day it formed a bullish kicker on daily chart.
d. the scrip has retraced 50% of Fibonacci level.
e. given breakout to the downtrend channel
3> Putting it all together -->
Currently, it has some support at 1222/18 levels, which can be used to go long for the targets of 1248/62/84 levels with Stop loss 1199, or using your own strategy and risk management.
Incase you missed previous idea on the same scrip -->
Regards,
Sharma Yogesh
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Sad :(