Technical Analysis of Maksons Spinning Mills Ltd on 4 Dec 2016
This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.
I don't think this is for those of the Fundamental-minded - this is a "Z" Category "dubious" share.
However, it seems, Maksons profit is recovering and as there are quite a few junks and Z-category stocks bouncing around, it may be wise to keep an eye on Maksons.
It has sort of broken out of a (eight month) tight trading range from 6.8 to 7.5.
Now it is trying to test Resistance at 7.8. If successful, it could move up to around 10 before next year's declaration.
However, I would have preferred to take a position around "lucky" 7 and then wait and see.
It seems there is selling pressure in the market - it might give an opportunity to buy Maksons around 7.3.
*Note: Stop loss if it goes below 7.
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.
I don't think this is for those of the Fundamental-minded - this is a "Z" Category "dubious" share.
However, it seems, Maksons profit is recovering and as there are quite a few junks and Z-category stocks bouncing around, it may be wise to keep an eye on Maksons.
It has sort of broken out of a (eight month) tight trading range from 6.8 to 7.5.
Now it is trying to test Resistance at 7.8. If successful, it could move up to around 10 before next year's declaration.
However, I would have preferred to take a position around "lucky" 7 and then wait and see.
It seems there is selling pressure in the market - it might give an opportunity to buy Maksons around 7.3.
*Note: Stop loss if it goes below 7.
Let us see what happens . .
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