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Thursday, September 8, 2016

Best World - Time to Pull Back

All good things must come to an end ! Time for correction. Traders piled into this stock lured by 1 for 4 bonus issue. Now that the Bonus Issue is over there is no near term catalyst until the Quarter earnings result in 3 months time. When the bonus issue scrips is credited there will be more supply in the market  putting more selling pressure . It is heading for its next crucial support at 1.52, any break below this level will see the stock going down to 1.38 and 1.29 respectively. Key resistance is at 1.61. Shorts should stop loss above this level

All posts and charts are for educational and illustration purposes only

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