New Intermed Uptrend!!
- Thread starter Saint
- Start date
- Status
Hello Saint,
I have the same query as mohit above above IPCL. As per me( if I may) i see its been in a uptrend on the weekly charts since july 2005 then it found resistance in september 2005 at 240 levels but still continued to make higher pivot lows. This also gave an ascending triangle formation and it broke out of it on 6th jan 2006 but it was on low volumes and found it a little support on that level.
Then I think it also made a double top ranging from jan to march end( is this time period too short for a double top on the weekly). but it did not move down till the trough.
Its moved up again. So It should be a good time to buy it keeping a s/l at 270. thats the price level where it found resistance twice to make a double top before moving ahead.
But Saint please do reply on the same. I would love to hear what you have to say as I realise I am speaking from limtied knowledge where as there are so many aspects one has to see.
Rgds
Rahul
I have the same query as mohit above above IPCL. As per me( if I may) i see its been in a uptrend on the weekly charts since july 2005 then it found resistance in september 2005 at 240 levels but still continued to make higher pivot lows. This also gave an ascending triangle formation and it broke out of it on 6th jan 2006 but it was on low volumes and found it a little support on that level.
Then I think it also made a double top ranging from jan to march end( is this time period too short for a double top on the weekly). but it did not move down till the trough.
Its moved up again. So It should be a good time to buy it keeping a s/l at 270. thats the price level where it found resistance twice to make a double top before moving ahead.
But Saint please do reply on the same. I would love to hear what you have to say as I realise I am speaking from limtied knowledge where as there are so many aspects one has to see.
Rgds
Rahul
Hi All
I suggest that while asking question about any particular stock, if reason is given, why this stock has grabbed the attention of the questioner or why he thinks appropriate to consider investing or trading in them ,it will put the question in proper perspective.
After all when you are asking about three or four stocks you have already shortlisted them out of 5000 stocks.
This thread will become "Practicals" ( as in lab) as against theory (as in class) and will be of educative value to everybody.
Saint would also find it intellectually stimulating to answer and also clear your ideas.It will also indicate how much progress is made by the member in understanding which will reflect in stock selection logic. This thread would not become another tip thread as saint apprehended.
Give reasons Like rahulg77 but not like harmads.
Pankaj
I suggest that while asking question about any particular stock, if reason is given, why this stock has grabbed the attention of the questioner or why he thinks appropriate to consider investing or trading in them ,it will put the question in proper perspective.
After all when you are asking about three or four stocks you have already shortlisted them out of 5000 stocks.
This thread will become "Practicals" ( as in lab) as against theory (as in class) and will be of educative value to everybody.
Saint would also find it intellectually stimulating to answer and also clear your ideas.It will also indicate how much progress is made by the member in understanding which will reflect in stock selection logic. This thread would not become another tip thread as saint apprehended.
Give reasons Like rahulg77 but not like harmads.
Pankaj
Hi Rahul
I also feel the stoploss of 270 is good since that is also the point on the original trend line of the uptrend that started in June 2005 after the down trend reversed (attached chart in the original message). However the one thing I am not too sure of is its distance at this point from the MA(50) and if it makes sense to wait for a sideways movement / pullback or should we get in now..
Also agree on your request to Saint to surely comment on this as atleast I have a frequent feeling of being a blind man from the story of 5 blind men and the elephant who due to limited information(knowledge) is able to feel only a part of the elephant(stock/market) and not get the bigger picture. And hence we need some one with vision (both literal and metaphorical) like Saint's to guide us through..
Pankaj
Very well said analogy to the lab practicals.
thanks
Mohit
- Status
Similar threads
-
-
-
-
Swing Trading Stock Pick - Dabur India - Beginning of a New Intermediate Uptrend
- Started by Traderji
- Replies: 14
-