Monday, March 31, 2014

UNITECH wave Targets

Hi friends,
                   Unitech is one of the most beaten stocks in Real estate sector .
On weekly chart the stock has started to move up above an important
trendline support
Lets see the chart.
The chaet is self explantory
A nice squeeze has developed
over many years ,This should
target minimum 26 ie the upper
resistance trendline in any of the
2 cases have labeled in chart.
This stock went below yellow
trendline for sometime but
eventually reversed and closed
above that strongly.


Lets see the last leg structure to get a closer look
We can see from the chart
the stock has reversed on good
volumes after 5 down so a nice
upmove is expected in it.This
view holds as long as the stock
holds above 11 ,This can be
bought in dips for a target of 18
20 and eventually 26.





Regards
Rish

2 comments:

Jignesh said...

Hello Rish, EW rule says that a Triangle can occur only in the position prior to final wave which is 4th, B or X. If we were to consider the alternative scenario given by you it would be a triangle in wave C. Am I missing something?

Regards,
JIgnesh

Rish said...

It would be a falling wedge..in that scenario..

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