I am not a certified analyst, the charts shown here for study & learning purpose. Please share your views.
Hello guys before I write anything I say something that's its takes hours to analysis a single chart so please like it. Elliote wave: 5+3 =>> 5 Impulsive wave done by Piramal Enterprise at 629 0.618 fib level according to wave principle, Currently It's riding on Corrective wave and its have 3 waves with correction of 1 fib which is at 1760 level = 4 wave Price...
one should accumulate the stock for investment purpose at a range of (750-650)
Long terms seems to be good option for PEL. Please trade at you own risk. This is only a study.
PEL - Renter Long position from the Demand Zone to Fill Gap
PIRAMAL ENTERPRISE formed bat pattern on its hourly chart, currently trading within its pz zone .i.e. 980-990 The Bat pattern prz coincides with the .382 retracement on the daily chart, hence resistance going to be strong. Momentum is also lacking in the rally started from 890 levels. As per my analysis stock is going to retrace some part of its recent rally...
Long PEL above 1020 for target of 1290 in short term.
NSE:PEL Piramal is in a downward spiral consistently for a long time. Piramal being an INFRA is safe to short both for intraday and positional basis. on hourly charts though there is a breakout of resistance trendline but soon after the breakout there are 2 bearish doji which suggests false breakout.
Bullish Shark Earlier when price touched 1.13XA of this Shark clear Reaction came. now price is again in the Potential Reversal zone of Shark if amprsi turns upside with confirmation getting from a bullish candle BUY OPPURTUNITIES
PEL view with Entry above 1445 SL 1410 for target 1480,1520 or more....as it trade around major support area and imp fib level and hammer reversal candle 1 hour
Price is in Bullish Shark Reversal zone , earlier we can see here how we got Reaction at this Zone and its a Bottom Reversal with 2 Bar SIGN OF STRENGTH as Second bar close & high are higher than the first bar high and volume on second bar is higher than the first bar volume, By WCYKOFF Effort vs Result shows effort to rise is successful It shows immediate strength BUY
Piramal enterprise - Short at current levels.
PEL (Piramal Enterprises Ltd) SELL BELOW 1443