Technical Analysis for Long Term Holding
Monthly Chart -
* Trendline Breakout with RSI shift Range with good volume
* Currently Price is facing Resistance Zone
* From All time low, Price Recover with fast Momentum
* Every fall is the opportunity to accumulate this stock for Target Price of 250
* Multibagger Potential
Weekly Chart -
* RSI is taking multiple support at 45 level which indicate strength is not ready to move to negative
* Support Zone is 17.5 - 18 price level which is also 61.8 fib level
* Good Reversal is expected from the support zone mentioned
Daily Chart -
* Very Complex Sideways correction "W-X-Y" Pattern is running as of now
* Currently Price is in "X" wave and it could be the triangle of 5 leg or Diametric pattern of 7 leg.
* But it is most likelihood that correction pattern will retest the CUP & HANDLE Breakout level before its biggest rally start
* We don't know what will happen and which pattern is forming in the correction but at the end we know that price is going to blast towards upside after correction...
* why don't we think of SIP investment method to minimize the risk and catch rally of Multibagger potential candidate.
I reviewed many of your posts including this one and am impressed by your analysis. Thanks for making it available online. In some of your posts you have shown RSI Divergences called type 1, 2 or 3. How do you define these types of divergences? Can you post a blog on this?
ReplyDeleteSure, Will definately share in coming days!!! keep registered your email ID. So that you will get all periodic updates on this blog... Thanks for your kind words!!!
ReplyDeleteHello,
ReplyDeleteNice post abt Morepen, need to know how long will it take to reach ur said target of Rs.250.
Regards
Niledh B.
Time is the biggest difficult element to predict for me.... there are some tools through which but somehow i am failed to analyse it... hence, to answer your question... i don't know for time target..... it might get achieved in 2 yrs - 5 yrs.... But suggest, Please do your own analysis...
ReplyDeleteBooked 50% profit today @23.30 .... Reasons are updated in the latest post on this blog -
ReplyDeletehttp://yogeshtamkhade.blogspot.in/2016/09/did-profit-booking-in-morepen-lab-at-23.html