Piramal Enterprises
For Short : Medium Term
Buy on breakout of 2005.5 on higher volumes.
SL1 : 1773.55
SL2 : 1178
TGT 1 : 2068.7
TGT 2 : 2558.35 +/- 2560
Additional Confirmation:
Daily RSI (14) crossing up 70. - relative strength of price over 14 days.
Daily Chaikin Money Flow : crossing .25, increase in price on higher volumes.
Daily Stochastic : (i) Fast Stochastic crossing up Slow Stochastic. (ii) Fast Stochastic crossing below 80 and back. (iii) Waiting for oversold conditions on the stochastic (below 20)
Daily MACD : Currently bullish. One can wait for a correction and a bullish crossover.
IMO, the chart has already begun its next leg and if the other indicators do confirm the movement, it is unlikely to correct much further in the near future. This would likely mean, that some of the indicators mentioned above will not provide the necessary crossover and confirmation in the near future and will continue their present course.
Volume however, is something that would be important to look out for.
Lastly, this is not any indication of the fundamental value of the stock.
* Not investment advice and I own some of this stock.
Buy on breakout of 2005.5 on higher volumes.
SL1 : 1773.55
SL2 : 1178
TGT 1 : 2068.7
TGT 2 : 2558.35 +/- 2560
Additional Confirmation:
Daily RSI (14) crossing up 70. - relative strength of price over 14 days.
Daily Chaikin Money Flow : crossing .25, increase in price on higher volumes.
Daily Stochastic : (i) Fast Stochastic crossing up Slow Stochastic. (ii) Fast Stochastic crossing below 80 and back. (iii) Waiting for oversold conditions on the stochastic (below 20)
Daily MACD : Currently bullish. One can wait for a correction and a bullish crossover.
IMO, the chart has already begun its next leg and if the other indicators do confirm the movement, it is unlikely to correct much further in the near future. This would likely mean, that some of the indicators mentioned above will not provide the necessary crossover and confirmation in the near future and will continue their present course.
Volume however, is something that would be important to look out for.
Lastly, this is not any indication of the fundamental value of the stock.
* Not investment advice and I own some of this stock.
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