Technical Analysis of Summit Power on 25 Nov 2016
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Fundamentally, I do not have much idea as it has merged with another Power Company (SPPCL).
Technically, I am a bit late (writing this analysis). Break out with huge volume was on 10 October 2016 - after which retracement on low volume brought it down to (support) 33, which was entry point (even also at 34).
Another break out occurred yesterday (24 Nov 2016) - after which it might (or not) retrace a bit before going to 40-42 level.
For Risk-takers: Buying on the pull back around 35 (stop loss if it goes below 34).
Let us see what happens . .
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
Fundamentally, I do not have much idea as it has merged with another Power Company (SPPCL).
Technically, I am a bit late (writing this analysis). Break out with huge volume was on 10 October 2016 - after which retracement on low volume brought it down to (support) 33, which was entry point (even also at 34).
Another break out occurred yesterday (24 Nov 2016) - after which it might (or not) retrace a bit before going to 40-42 level.
For Risk-takers: Buying on the pull back around 35 (stop loss if it goes below 34).
Let us see what happens . .
No comments:
Post a Comment