Technical Analysis of Yeakin Polymer Limited on 3 Jan 2017

Technical Analysis of YPL on 3 Jan 2017 (after trading hours)

This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.

Generally, I do not trade IPO stocks as there is not much historical data.

I also do not have Fundamental Data of YPL (it gave Stock Dividend, which I don’t like) and PE of 26 which is quite high.

I can only rely on Technical Analysis: 

There was a breakout on 3 Jan 2017 on High Volume.

As there is not much historical data, I am not sure which way it would move next. Theoretically, it should retrace on low volume before making next bullish move.

Next Major Supply Zone is 40-45.

As the Index is nearing Supply Zone, be wary of opening new positions, especially at High Prices.

It is very risky - for break out traders: No Risk, No Gain, No Pain . . . 

Stop loss would be 30.

Let us see what happens . . .