Since then the stock has traded in a sluggish fashion with a negative bias. This made me feel that the patrons need to be updated (Thanks to Ankur who brought the importance of updates to my notice via his comments!) on what my views are about it right now.
Rationale -
The stock is currently in wave 2 of 3, correctly mentioned in my previous post. I had expected this wave 2 to end with a mere 23 percent retracement. This has not happened. Wave 2 is persisting for longer than what I had envisaged. However, the prognosis continues to be the same. Wave 3 of 3 is around the corner - it may not be surprising to see a 40% return from the cmp in this wave.
Oversold signals are imminent on daily oscillators hinting at the possibility of a bottom very soon.
The trend continue to be intact and hence this decline needs to be treated as an aberration and construed as a buying opportunity (if you have not bought till now).
Disclaimer : The recommendations mentioned herein are for educational purpose only. One should not take buy/sell decisions based on the above analysis which is prone to errors. The author does not undertake any liability whatsoever arising out of profits/losses accruing from using the above analysis.
Hi,
ReplyDeleteAny update on ceat now it has trading at 160 levels. Stilll any possibilites of going up?