CENTURY TEXTILES LTD
Open-303.60--High-325.70--Low-303.30—Close-323.70
on 7.8.2020
Support:308.50/300/298.75/293.30/292.50/290/278.60/275.15.
Resistance:327.80/332.90/352.75/357/382.10/400.50/468.
Critical Points moving up:--332.90 is the breakout point sustained close above can take it higher.
Critical Points moving down:--290, sustained break below it may drag it down.
(Bold and underlined figures are most important)
It was moving sideways for quite some time in the range of 317.05---290.10 and it gave price and volume breakout from this range on 7.8.2020, but the major breakout will happen once it crosses 332.90 marks. However, yesterday breakout has given a distinct signal that the major breakout may happen in coming days and it could move up sharply. Therefore long trade can be tried on decline but not below 312 with a stop loss of 307 or buy if it moves and maintains above 325.70 with a stop loss of 322 or buy after it gives major break out above 332.90 and sustain with a stop loss of 327. The possible target after the major breakout could be 357—368---382---400.
In view of the above observation short term
investors can buy on decline but not below 312
with a slightly longer stop loss of 301.
Traders can also buy on decline but not below 312 with a stop loss of 307,
but in this trade it can still move sideways for few days before moving up, so
traders may feel insecure, but buying above 332.90 could take it up much faster. Therefore investor and traders
can initiate long trade call as per their risk appetite and patience. The
technical parameters as of now indicate that the up move is ahead. Please note
that it is purely a technical buy call. DO
NOT TRADE OR INVEST WITHOUT STOP LOSS
NOTE: - It is the
technical assessment of the stock as of now, the technical interpretation
changes with the price movement and time, therefore investors are advised to
look into fundamental, financial details of the company and last but not the
least management perception for the future of the company before taking
investment decision.
Disclaimer:-The view expressed here are solely of the author and
he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.