Flash News Investment - - YOUR TECHNICAL PORTFOLIO GUIDE - - Biswa­jit Chat­ter­jee

Can I Buy Page In­dus­tries as it has fallen tremen­dously?


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.

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