Random Stock Analysis Series - Pidilite Industries

Random Stock Analysis Series - Pidilite Industries
My Analysis:
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** Daily Timeframe **
1. Jumped in May till Jul last week.
2. Current price is at 100 MA and slightly above 200 MA - indicating that this stock is in a bearish mood.
3. Since 19th Oct 2021, it is forming an ABC correction wave from ATH of Rs.2520.
4. In this ABC correction wave, it fell 14%, in 1.5 months
5. Wave C point is marked at 1.618 Fib retracement level and likely to go up from this point of at least 10% target - marked in the chart.
6. Sellers are high in volume. The current price is the Entry point but needs two green candles in a daily timeframe to confirm and take the trade.
7. Wait for 2 green candles to enter.

Note:
I'm not recommending buying this stock. This is for education purposes.
This is my view, based on my learning.
Please do not trade without your own conviction.
Please invest after careful research. I'm not responsible for your profits/losses.

- Gnanasekaran
FibonacciMoving AveragesSupport and Resistance

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