Can I enter Uflex at the CMP?
AVOID UFLEX FOR NOW AND ENTER AT RS 435
Uflex is currently trading at Rs 418 . Its 52-week high/low stand at Rs 462/Rs 226.20 made on July 28, 2017 and November 22, 2016 respectively. Considering the daily time frame, the stock fell sharply from July 28 to Aug 11 and attempted to bounce back. However, the stock witnessed multiple resistance near to 61.8% retracement level of the mentioned downward move. Its 14-period RSI quoting at 52 and poor volumes suggest lack of momentum and consolidation in the stock. Hence, we suggest you to wait and enter only on confirmation above Rs 435 level. The stock’s long term trend remains positive and would lead to trend reversal only below Rs 333 level.