In the current bear phase of the Indian stock market, few stocks (ASHOKLEY, DABUR, MARICO, GTL and PENINLAND) are trading sideways. A confirmation of breakout on either side is awaited for determining further course of price action.
Is there any stock which is technically bullish now? The answer is YES and it is Man Industries (India) Limited.
Is there any stock which is technically bullish now? The answer is YES and it is Man Industries (India) Limited.
Between January 4 and February 13 the stock was on a continuous downtrend as it fell from 178 to 79. Watch the "hammer" formation on the last day. The first wave registered a high of 128.80 which corresponds to 50% retracement of the fall. One can observe the huge volume just after the hammer formation. The stock had declined steadily afterwards and even attempted to close below the 61.8% retracement of the upmove. However, it bounced back from this support level with volume. A bullish piercing line pattern can also be observed 4 sessions ago. The stock has to break the resistance at 128.80 with volumes to move up. Technical targets for the third wave would be 161.8% from the current low at 95 or about 153.70 (anticipated rise of 34).