Generic Construction Technical Update

By | March 15, 2017

Generic Engineering We covered this stock on Monday and Thursday,16 Jan  ,02 Feb,17 Feb , 20 Feb  and 27 Feb Stock made High of 122 near our Ascending triangle pattern of 123 and corrected also till 100 levels which is gann support.

 

Generic Hourly

Generic Hourly Chart is facing resistance at downward falling trend line, breakout above 115 for a move towards 122/130

Generic Daily Chart with Channel

As seen in daily chart stock has taken multiple support near the channel bottom and bounced back again. Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON

Generic Weekly Chart

As per Classical Technical Analysis Resistance become support , Stock  saw correction made low of Rs 100 as shown in above chart and bounced back, suggesting 100 will keep playing an important role.

Traders can take Long above 115  Target 123/136/144 in next 2 months, SL should be kept at 100 on closing basis.

This is not an investment pick  as I am not expert in Fundamental analysis but a short term pick for gain of  purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.

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