Hint of accumulation , but lot depends on 502 trial outcomes
october is here and suven definitely needs a track…
after the climactic stopping action last year in mid 300 levels, the price action has followed an extended fall , after which , key moving averages in the weekly chart has been tested, a selling climax at the 200weekly moving average, followed by a secondary test at the 100weekly moving avergae, leading to a good rally stopped at the high of the Automatic reaction , essentially showing a sign of strength and a uptrending channel has formed, presently face off with the 50 weekly moving average is coming, also at the channel demand line
it is difficult to say with conviction if this is an accumulation unless phase c unfolds and also the outcome of the suven 502 trial results this month, but the progress technically as mentioned so far, is definitely a positive build up…
the volumes remain low throughout the uptrending trading range…
any close above 275 and subsequent retest of that level, thereby formation of a last point of support , would be considered a positive outcome , technically for this scrip…
disclaimer... not an investing/trading recommendation
after the climactic stopping action last year in mid 300 levels, the price action has followed an extended fall , after which , key moving averages in the weekly chart has been tested, a selling climax at the 200weekly moving average, followed by a secondary test at the 100weekly moving avergae, leading to a good rally stopped at the high of the Automatic reaction , essentially showing a sign of strength and a uptrending channel has formed, presently face off with the 50 weekly moving average is coming, also at the channel demand line
it is difficult to say with conviction if this is an accumulation unless phase c unfolds and also the outcome of the suven 502 trial results this month, but the progress technically as mentioned so far, is definitely a positive build up…
the volumes remain low throughout the uptrending trading range…
any close above 275 and subsequent retest of that level, thereby formation of a last point of support , would be considered a positive outcome , technically for this scrip…
disclaimer... not an investing/trading recommendation