Below is the daily chart of Praj Industries.
Monday, June 22, 2009
Short Term View on Praj Industries
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Praj Industries formed ABCD pattern in daily charts. It took support from the Peak of the Automatic rally and the trend line support. Below Rs.85 levels it may give good shorting opportunity, it may go to Rs.74 as the first target and Rs.62 as the second target.
Below is the daily chart of Praj Industries.
Below is the daily chart of Praj Industries.
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4 comments:
DOJI
Can u please tell me,
How it confirms that it is AB=CD Pattern only means is there any other way to confirm like Fibonacci or anything else
Doji u told that it is short below 85 but below 85 on closing basis or can short even for intra and carry over shorts in Future Segment
Thank You
Cool one! Will surely keep my eyes wide open on this one. Have a gr8 beginning of the week :)
-Satyam
Thanks Satyam, hope you had a great start of the week.
@mmanoj,
Yes manoj, fibonacci ratios make up the ABCD pattern. Regarding shorts, its too late to take up shorts in futures segment as stop loss is too high and no good risk/reward. I was mentioning that this is a weaker stock and should be good for intraday/overnight shorting.
Doji
Doji, Thanks for the update on praj!!
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