2nd January 2018
SHALIMAR WIRES & INDUSTRIES LIMITED
Shalimar Wires Industries Ltd is looking good in charts a and seems to have given a breakout at its crucial resistance level of 22. Consecutive closes above this crucial resistance of 22 and if not breached negatively and sustained,then we may see stock testing all time high level of 44 .Stock has shown sharp upside move from 11 to 24 and one see a good case of averaging his position around range of 22--18 for going long.
RSI of 70.20 and gradually increasing shows that we may see some more strong upside move .This is presenting a case to build position and averaging the same accordingly to get good short term result and may sustainvthis trend.
MACD of +0.39 and increasing can be seen as an anticipation of a bull run ahead on strong December 2017 result being factored in.
It is also placed well on Ichimoku charts and if 9-day conversion base line of 21.27,and if this is positively sustained for consecutive sessions then one may see some more sharp upside move.
Immediate Support 22--20
Crucial Support 17
Immediate Resistance 24
Next Resistance 32
Target 44--50+
MORE WILL UPDATE SOON!!
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