JK PA­PER

Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE -

I have en­tered JK Pa­per af­ter it hit above Rs 170 which was its pre­vi­ous high, but the stock is giv­ing sharp and volatile moves. What to do?

- Thomas

HOLD JK PA­PER FOR NOW, CAN GIVE A BOUNCE IN THE MEDIUM TERM

JK Pa­per is cur­rently trad­ing at Rs 155.25. Its 52-week high/low stand at Rs 193.95/Rs 97.85 made on Au­gust 21, 2018 and July 19, 2018 re­spec­tively, post­ing a dy­namic move in just a month, where the stock breached its pre­vi­ous record high of Rs 169.90 reached on Jan­uary 5, 2018. Mean­while, the stock also gave down­ward slop­ing trend­line break­out at Rs 143.50. Af­ter hit­ting its new 52-week/all-time high, the stock wit­nessed sharp zig-zag moves from near Rs 190 to Rs 150155 lev­els, which is near the 38.2% re­trace­ment of the prior rally from 52-week low to high. On the weekly time frame, we are see­ing pen­nant pat­tern in the mak­ing. We sug­gest you to hold for now.

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