Century textiles has been indicated as a buy at Rs147 in one of the reputed fortnightlies.
I tried to look at the weekly and daily chart. While the daily chart seems to be forming a double top, the weekly chart seems to be forming a double bottom. The weekly trend is clearly up which implies that one buys at daily declines. Going by theory, one has to take only the oscillaor signals in the direction of weekly trend. However here the daily RSI,ROC,MACD are all declining. Stochastics is also only approaching the oversold zone which is far from a clear buy signal. What does one do Traderji?
Oscillators apart, if supposing there is a weekly rise and a daily fall at approximately the same rate. Should one allow the rates to fall further or can one buy as in this case. Your expert comments will be most welcome as always. Please specify pricel levels to enable better understanding.
I tried to look at the weekly and daily chart. While the daily chart seems to be forming a double top, the weekly chart seems to be forming a double bottom. The weekly trend is clearly up which implies that one buys at daily declines. Going by theory, one has to take only the oscillaor signals in the direction of weekly trend. However here the daily RSI,ROC,MACD are all declining. Stochastics is also only approaching the oversold zone which is far from a clear buy signal. What does one do Traderji?
Oscillators apart, if supposing there is a weekly rise and a daily fall at approximately the same rate. Should one allow the rates to fall further or can one buy as in this case. Your expert comments will be most welcome as always. Please specify pricel levels to enable better understanding.
