This is going to be an interesting trade which we have in Technical Traders Club
Balaji Tele has been one laggard and a deceiving stock for technical as well as fundamental investors/traders.
The last time i wrote about it it took a deep dive post a false breakout - Article in 2012 ( that gave a me a nice lesson on Value Traps )
One of the simple technical lessons i have learnt is - We are too bothered about False Breakouts. There is a Stoploss to take care of risk say at 5/10% would you like to miss a possible 30-40% upside only to avoid that few False Breakouts. Would rather focus on risk management.
This time around again the stock has given a good breakout above 78-80 a couple of days back. So yet again have initiated a buy at 78-80 irrespective of the past heartburns 🙂 Stops at 74 which will soon shift to 76
- Multiple tops at 78-80
- Good base at 64 with multiple bottoms.
- A 15 pointer range to start with.
- Long term confirmation of further momentum on sustaining above 90 levels.
- Can call this a channel or range breakout.
- Fundamentally needs triggers in terms of management action/ stake sale of Star in co or something more.
Disclosure - I do have vested personal interests in all stocks i recommend as well as Clients. This has been recommended in Technical Traders Club. So please do your own research and risk management. Take this post as educational or timepass.
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For all investors this is a course i recommend which will; be done mainly by Puneet Khurana. I ll be speaking a bit on Techno Funda too.
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25th & 26th July 2015
Timings:9 am to 6 pm
Hotel Karl Residency
36, Lallubhai Park Road, Andheri (W), Mumbai – 400 058. Maharastra, India.
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Securities covered above:: Balaji Tele
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