Last week Equitas Holdings posted gains on the charts, taking prices to 134.70 levels from the low of 105.90. The trend on the charts (refer the chart above) has been down. The RSI popped up above the 40 areas stopping near the 50 levels. Formation of a decent NR at the levels gives a hint that this pullback up may be corrective.
A shooting star that was formed on 12th October was later confirmed by a bearish candle yesterday.
Furthermore if we look at the ADX system – there is a very potent bearish “touch & go” signal, that have emerged yesterday.
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All these parameters points out, that the trend may continue down after the pullback is over.
There is one question looming inside your head at the juncture! (I know that) where to ENTER, STOPS and TARGETS. Before you slam down my analysis here are the levels. Entry can be planned below 123 levels (if you are aggressive), a safer entry will be below 116 levels. The stock is expected to torn down to 106 – 98 levels. For entry at 123 stops to be placed at 140 and if you plan to enter at 116 keep the stops at 133 levels.
Before jumping into the stock with your money I request you o go through the DISCLAIMER here. I may have a position in the stock.
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