UFLEX

Can I en­ter Uflex at the CMP?

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE -

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.

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