Suzlon - Isn't the chart good enough?

prasham

Active Member
#1
From the below chart I think its good time to buy Suzlon. Main reasons are ...

1) Stoch and RSI looks over sold.
2) Stoch shows crossover.
3) BB is in the squeeze mode and other indicators show upwards.

If anyone buys it I suggest SL of around 66-67.



Am I right with the above analysis? I know fundamentally Suzlon is quite weak but I am not talking about fundamentals.
 

sudoku1

Well-Known Member
#2
From the below chart I think its good time to buy Suzlon. Main reasons are ...

1) Stoch and RSI looks over sold.
2) Stoch shows crossover.
3) BB is in the squeeze mode and other indicators show upwards.

If anyone buys it I suggest SL of around 66-67.



Am I right with the above analysis? I know fundamentally Suzlon is quite weak but I am not talking about fundamentals.
technicaly on a med term basis its still weak as it will have to clear the 80/85 zone for an upmove:)
 

SwingKing

Well-Known Member
#3
The current base formed by Suzlon does indicate a higher minor base being formed (previous base being 65-68). Now, as sudoku said, for suzlon to look attractive for medium term basis, it has to take out the previous minor top (80-85). That way we would have higher minor bottom and higher minor top. It would look a lot better then.

It is looking attractive from a swing perspective. Minor bottom could be used as a SL. Good risk to reward.

Tc
 

AW10

Well-Known Member
#4
Few questions
1) Why is data missing in your chart. Better to look at other source which has complete data. In absence of that, calculation of indicator will be wrong (specailly for the period when lookback period includes the days of this errorneous data.

2) Where is your target for Suzlon ?
That shd help in deciding whether u shd really buy this stock or forget it.
Current stock being at 75, and stop at 65.. You are risking 10 rs. while buying it.
If target is 80, then it is foolishness to risk 10 rs to make 5 rs.

3) What is current trend of stock.. Forget indicators and just look at the price chart.. It should give u rought idea to even a lay man that price is going down or it is sideway.
So,shd u buying when price is going down ?

IMO, when BB is contracting, it shows lack of interest by players which is resulting in sideway move, lack of trend. So better to wait to BB to start expanding that indicates players are coming in.. and then read other signal to decide in which direction they are pushing the stock and then just on the ride .

Happy Trading
 

FanaticTrader

Well-Known Member
#5
I agree with what Raunak, AW10 and Soduko1 have posted.

There can be two views - In Short Term Suzlon can move to 78/81 levels and a tight SL can be breaching low made by Suzlon on Tuesday (73.5) or slightly comfortable one would be close below 72.



On the other hand for mid-term/long term one can get comfortable with Suzlon only close over 80-85

 

prasham

Active Member
#6
Thanks to all your guys for providing your highly inputs.

1) AW, currently I am using charts from Yahoo. Where else should I look good free charts?

2) While I like Suzlon for long term, currently I have taken short/medium term target of around 85. Actually I am not suggesting to buy it at current levels. I had enquired about it on some other thread as well. I was willing to buy some at 67-68 levels.

3) Yes the price is going down but I thought positive signals from other indicators would nullify that :confused:.

4) Isn't the right end bottom showing "W" type bottom?
 
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FanaticTrader

Well-Known Member
#7

AW10

Well-Known Member
#8
2) While I like Suzlon for long term, currently I have taken short/medium term target of around 85. Actually I am not suggesting to buy it at current levels. I had enquired about it on some other thread as well. I was willing to buy some at 67-68 levels.
Trade what u see.. not what u think.
Are u here to make money or satisfy your liking of company.
Be ruthless with your focus to make money and keep other emotions aside or satisfy those emotions out of market by buying their products etc.

3) Yes the price is going down but I thought positive signals from other indicators would nullify that :confused:.
Chicken or Egg case. Does price come first or indicator that u are using.
RSI, Stoch are all lagging indicators.. and how can they lead price.

4) Isn't the right end bottom showing "W" type bottom?
Chart will show you what you want to see. So be carefull in pushing your views on it. If pattern is not obvious without any second guess, then probably you are pushing it.

Just some tips prasahm but they are just my views.
Happy Trading
 

mayavi99

Well-Known Member
#10
1) AW, currently I am using charts from Yahoo. Where else should I look good free charts?
I would like to add chartnexus(dot)com, to the suggestions of FanaticTrader. Here too you get free charts with 3 years historic price data. To top it all, you can set your own parameters for technical analysis like BB, EMA, RSI etc., and use them to do back testing of your chosen system.
 

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