Monday, 11 March 2013

Chart Update: Adani Enterprise

Adani Enterprise:



 Adani enterprise is at upper end of down trending channel. 50% retrac level for 3rd wave marked in blue is at 245.5. 50 days moving average is at 246.5 , 100 days moving average is at 244.5 , all this numbers are very close to the upper trend line. Based on moving average and trend line study it can be concluded that 244-246 is area where 4th wave (RED , If impulsing) should finish. Close above 247 will add strength to the current up move. This script is very volatile, so if your risk appetite is low stay away from counter.. 

 Tomorrow if i see script trading in range of 244-245 i will open up shorts with 247 as stop loss as risk reward ratio favors going short.. 


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5 comments:

  1. Mahender Reddy Pulakandla11 March 2013 at 21:15

    That's Interesting.

    Thanks
    Mahy

    ReplyDelete
  2. Mahender Reddy Pulakandla11 March 2013 at 21:29

    Hi,
    Can you please do some work on "SIEMENS", it has fallen a lot from highs and started to recover. Will it be good buy at this point for medium to long term view?

    If you got any such ideas for medium to long-term please post them or share it.

    Please share your thoughts.

    Thanks
    Mahy

    ReplyDelete
    Replies
    1. Pattern Trading12 March 2013 at 00:58

      Siemens is a falling knife... i would recommend to stay away... will update chart if i find something interesting ..

      Thanks

      Delete
    2. Mahender Reddy Pulakandla12 March 2013 at 03:03

      Okay Thanks for that.

      Delete
  3. Firoz Hajiani14 March 2013 at 00:38

    Sumit,Tata Global and Tata Steel,these two stocks have been very badly beaten.Please suggest at what level one should enter.

    ReplyDelete

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