Welplace Portfolio Update on Channel Chart. We covered this stock on Monday
Stock Rallied significantly and made high of 97 near our gann resistance zone of 100. Now as my readers who missed entry are asking for an update, I am sharing 2 charts below which can help traders in taking the trade in this stock.
Welplace Daily Chart with Channel
As seen in daily chart stock corrected from upper end of channel and took support at lower end of channel. Now Ideal entry would be around lower end of channel around which is around 82-83. Holding the same another rally till 100-110-125 in next 1-2 months.
Welplace Weekly Gann Resistance Zone
Reacted from the Weekly resistance zone of 100 and Strong support is range of 81-83.
Traders who are long can Book there position in range of 88-90 if and when it comes and try to reenter in range of 81-83 as and when it comes. Looking at Weekly charts 81-83 should come by Friday. Target remains the same 100-110-125 in next 1 to 1.5 months.
This is not an investment pick as I am not expert in Fundamental analysis but a short term pick for gain of purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.
Thank you for your reply.
Having an open offer does not give a certificate of hygiene to a company operation or the soundness of fundamentals. While I do not doubt your technical analysis and respect your knowledge in that domain, you cannot say that I am being outlandish in my opinion. From the data that is publicly posted on their website, it is very clear that this company is a pump and dump operation or a shell company that is used to manipulate long term capital gains tax. I would like your research team to look into their homework again and check the facts before you defend their conclusions. You may have done your technical analysis and all empirical evidence on a technical analysis justifies your call, but the company fundamentals are indeed shady and evident from the data published in the website and the limited supply of annual reports. Again, if your research team claims that having an open offer gives a certificate of clean health to company operations, time to hire more qualified members on your staff.
Like your post when you brilliantly said that you should not strike when angry, may I suggest a cool review in your spare time of all the data your team has presented you and personally look up the published data on the company website and stock exchanges to validate the details on my earlier post.
Have a nice weekend.
We did a review sir check the announcement on BSE site company has been renamed to Genric Infra .. Technical keep you one step ahead and as i always says Price know everything well in advance and effect are now showing with open offer name change. A Company having market cap of 147 cores cannot be a pump and dump operation. As most of the traders and investors have lost big money in trading small caps so most of them look with a eye of suspicion but shading all the stocks with the same paint. We have been tracking the development on the stocks and also when technical are supporting it we publish and make sure we have given a proper SL so that if something goes wrong traders have time to exit.
Have a great weekend ahead !!
This looks like a pump and Dump operation. The company has no business to speak of, hardly any profits to justify the lofty share price, very closely held shareholding where stakes are held at levels like .99 percent and then jump to 4.99% among various members of the same family, annual reports are not available beyond two years.
While I understand your disclaimer on the fundamental analysis, this is easily identifiable as shady operator driven small cap stock.. Why would you want to stake your reputation on small caps when you post such brilliant technical views on counters where professionals trade.. What would happen if the stock starts hitting the lower circuit, even with small positions no one will get exit from this counter…
When we update something we do some research. Please get your facts corrected before making any sort of outlandish comment.
When Stock is listed in last Jan how can reports be avilable for more than 2 years. If its a shady stock how can the company have an open offer, Please check the announcement on bse site
Technical always keep u 1 step ahead than fundamentals, check weekly and monthly charts. Again at the end of the day its a traders disrection to take it or not..
Sir – I found this link, may be you would have gone through many of them but thought of sharing. http://time-price-research-astrofin.blogspot.in/2012/08/wd-ganns-reading-list.html