Can I Buy Page Industries as it has fallen tremendously?
AVOID BUYING PAGE INDUSTRIES FOR NOW
Page Industries Ltd is currently trading at Rs 24220.65 Its 52-week high/low stand at Rs 36335.95/Rs 17280 made on August 28, 2018 and February 6, 2018, respectively. The stock has witnessed strong upmove in calendar year 2018 started from the low of February 2018 to its all-time high made in August 2018. After touching its all-time high, the stock witnessed profit-booking. Recently, it broke important support level of Rs 25000, which is the 61.8 per cent Fibonacci retracement level of the entire upward rally started from the low of February to its all-time high in August. On the daily time frame, the stock is trading below its crucial long term moving average, i.e. 200-day EMA. The 14-period daily RSI is quoting around 34.15, which is negative for the stock. Hence, we recommend you to avoid buying Page Industries for now.