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Sterlite Industries

Discussion in 'Technical Analysis' started by sunilsyadav, May 28, 2013.

  1. sunilsyadav

    sunilsyadav New Member

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    Hi Shabbir,
    I bought 250 shares of sterlite industries @92.6/share on 23rd may after analysing of DMA20 and SMA 50 day candlestick chart in google finance.
    What can I expect the exit point for this stock ? 20DMA is still going in upperside of 50DMA. Current price is 95.90/share.
     
    sunilsyadav, May 28, 2013
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  2. shabbir

    shabbir Administrator Staff Member

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    Sunil, I don't think you should be trading based on only moving averages as they are laggard patterns where you get signals after some time and so ideally I prefer using breakout, W pattern or head and shoulder kind of patterns.

    Sterlite has not formed any of the above patterns and so I don't think going long in this stock is advisable.
     
    shabbir, May 28, 2013
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  3. sunilsyadav

    sunilsyadav New Member

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    Thanks Shabbir, now I will follow other patterns as per your suggestion.
     
    sunilsyadav, May 28, 2013
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  4. shekarchandureddy

    shekarchandureddy New Member

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    Hey Sunil,

    I think Sterlite may face a good resistance in 93-94 Rs range,then it can move to either 96,100,104 or 106 ,Stoploss can be around 91.5
     
    shekarchandureddy, Jun 3, 2013
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