Technical Analysis of Uttara Finance: Part 2 on 8 Feb 2017

Technical Analysis of Uttara Finance: Part 2 on 8 Feb 2017

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

Before going into this analysis, I would like to evaluate the previous analysis of Uttara Finance done on 3 Dec 2016: http://imti77az.blogspot.com/2016/12/technical-analysis-of-uttara-finance-on.html 

Scenario 3 played out: If it breaks up, be prepared to ride the wave. 

If one had taken a position around 60, then one could have sold in the early 70's (it reached a High of 74.8) getting >15% return in about two months.

After reaching the High of 74.8, Uttara Finance is also retracing (as the heated market melts at last).

Technically the charts are a bit scary - it might be time for risk-takers and/or Contrarians.

Now if we look at the Retracement Scenario, it seems that Uttara Finance is getting support around 62 Fibo. Now, if it does not go below 62 in the coming days, the next move will be up (hopefully).

It is for the risk-takers. I would set stop loss at 59.5

Let us see what happens . . .