In the next 15 days, I am going to publish my new book and for that, I am checking the performance first. Although at present this time at 1:56 am, and I am feeling sleepy today but this work is also necessary. I have taken the last three months of data to check the performance of this book. If everything was perfect, and if I found the correct performance of this book, then in 15 days I will throw this book out on the market to sell it.
Today in the first session PC Jeweller shares plunge as much as 7.8 pct to a record low of 65.30 rupees. Yes breached 100% Fibonacci projection support. But in the 2nd session stock recover from its low and closed with a gain of 15.60% at 81.90.
But what happens next?
PC Jeweller closed above 4 SMA, this is the only single indicator indicate some bullish sentiment, either all technical indicator still in “BEARISH” trend. Even the other indicator MFI showed oversold condition for this stock.
Now 100% Fibonacci projection line act as a strong support. And Trend intensity (TI) rises to 36, suggesting a strong downtrend for the stock; MACD is also negative and below its signal line. Here I want to tell you In the morning at 10:21 AM. Trend intensity (TI) showed its value 37, and till closing time Trend intensity (TI) loss 1 point, this indicates some possible recovery. And this possible recovery may run up to 61.8% Fibonacci projection value (105.35). But please make a note here, below the 100% Fibonacci projection price may slip up to 121% Fibonacci projection value (47.84). Stock’s wave pattern suggests it’s in the last sub-wave 5 of the final wave (5) of a five-wave downtrend.
Disclaimer: No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
Shares of ICICI Bank Ltd fall as much as 3.17 pct to 259.5 rupees, lowest since Oct 24, 2017. ICICI Bank has launched a second external probe to examine allegations of irregularities in 31 loan accounts raised by a third whistleblower complaint, The Economic Times reported citing sources
Bank has hired a law firm which will look into allegations that ICICI inflated profits by at least $1.3 bln over 8 years by delaying provisioning for 31 NPA accounts, the report added
Stock breaks below a support at 264.1 rupees, the 50 pct Fibonacci projection level of the correction from Jan. 29 high to April 2 low.
This suggests stock may fall up to the next support at 251.45 rupees, the 61.8 pct projection level
Stock’s wave pattern suggests it’s in wave C of a three-wave correction. If the current wave travels the same distance as the wave A, it may lead to a price fall up to 210.62 rupees
Trend Intensity (TI) indicator rises to 19, suggests the stock is in early stages of a downtrend; MACD is also negative and below its signal line
Stock down 14.73 pct this year as of Friday, compared with a gain of 4.64 pct in the broader NSE Index