After making a bottom at 440 levels, I think Apcotex has begun its Wave 5 uptrend. I expect this wave to continue till the price reaches 690 levels. The stock has nicely taken support at the 200 Week EMA in the past and reversed from there. It seems to have done the same this time also. The stock has closed above the 20 Week EMA today. If it holds above this level and closes the week around this, then the uptrend will continue. Besides, the fundamentals are also turning in favor of the company. Stable oil price, stronger rupee, good demand from end user industries etc.
Entry price: 480 to 510
Stop Loss : 440
Target: 680 to 700
Disclaimer: I am no expert in TA. This is part of my learning attempt at technical analysis. So if you follow this advice, please do it at your own risk. Comments & feedback is always welcome.
Entry price: 480 to 510
Stop Loss : 440
Target: 680 to 700
Disclaimer: I am no expert in TA. This is part of my learning attempt at technical analysis. So if you follow this advice, please do it at your own risk. Comments & feedback is always welcome.