Please verify my Technical Analysis.

[indiabulz]

Hello Traderji,

I have done some Analysis and This stock appers to move up in a few days.

Scrip: ASTEC
Buy Rate: Above 59.6
Stop Loss: 57.2
Target: 77.9/102.80 (Fib extension level)
Duration: 8-10 Days.

Reasons to Buy:

1) The stock has formed a symmetrical triangle in daily and weekly chart as well (Refer the image). This is good sign of trend continuation and the stock should burst out of the triangle very soon.

2) Price is above 20 EMA and 50 SMA which means the temporary and long-term trend are both bullish.

3) The slow stochastic is between 20-30 (oversold region). This is another sign of bullishness.

4) The last candle is a Hammer which signals a good entry point.

I have not yet seen the fundamentals of the company. I belive price discounts everything and hence dont believe in fundamental analysis. I want the traderji community to review my analysis and give their comments and suggestions.

(This is not a buy tip/recommendation and i am not responsible for any of your trading actions.)

 

[K.Boopathy]

Astec is trading between 55 to 63 levels. Rightnow it is not in a non-trending area. It should cross the 64 mark to go to higher levels. If want to take a buy it is a safer bet to take at 55 -56 levels for a target of 72.
Happy Trading

 

[gitssoft09]

AnandRathi, one of the leading Stock broker gave Mulitbegger call for ASTEC for 3 months target 80.

 

[Apurv7164]

Bingo!!!! you r a rockstar Indiabulzzzz.... good call!!! I have traded on this though...