Technical Analysis of Uttara Finance: Part 3 on 4
March 2017
This is no buy/sell recommendation - just a trial to see if
Technical Analysis (works to an extent) in Dhaka Stock Exchange.
After correction in the Index, the market was again taking a
bullish shape. However, supply increased last week and most stocks took a
beating – the good, the bad and the ugly.
Was Uttara Finance’s decline from 72 due to the bearish
sentiment and/or is market expecting a poor Q4 (please see this link for Q4
issue: http://imti77az.blogspot.com/2016/12/technical-analysis-of-uttara-finance-on.html)
and/or declaration from it?
Uttara Finance again gave a decent trading opportunity recently
as I covered it in a recent analysis: http://imti77az.blogspot.com/2017/02/technical-analysis-of-uttara-finance.html
Now to the Technicals: Overall there seems to be a bearish vibe
in the market. I am not sure how much it might decline (there is Support at 62 and
also ~65). But with upcoming declaration, I would keep it in my watch list to
buy on signs of reversal.
Stop Loss might be 7% from entry price.
Keep watching . . .
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