Welplace Portfolio Update on Channel Chart. We covered this stock on Monday
Stock Rallied significantly and made high of 97 near our gann resistance zone of 100. Now as my readers who missed entry are asking for an update, I am sharing 2 charts below which can help traders in taking the trade in this stock.
Welplace Daily Chart with Channel
As seen in daily chart stock corrected from upper end of channel and took support at lower end of channel. Now Ideal entry would be around lower end of channel around which is around 82-83. Holding the same another rally till 100-110-125 in next 1-2 months.
Welplace Weekly Gann Resistance Zone
Reacted from the Weekly resistance zone of 100 and Strong support is range of 81-83.
Traders who are long can Book there position in range of 88-90 if and when it comes and try to reenter in range of 81-83 as and when it comes. Looking at Weekly charts 81-83 should come by Friday. Target remains the same 100-110-125 in next 1 to 1.5 months.
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.