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.
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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.