DOL Descon Oxychem Limited Mid-Term Analysis 27th March 2019

Rebound Insight

Our Pivot: 15.25

Our Preference: Start buying DOL above 19.51 and average it out till 17.64 with strict stop loss of 15.25 and profit target at 24 and 26 with extension towards 30.14.

Alternate Scenario: Downward penetration of 15.25 will call for 12.99 and 11.80.

NOTE: DOL is moving in an upward price channel and right now its moving downward to complete fourth primary wave of its weekly Elliot wave.  It's expected that current wave would expire before 17.64 where it would find support from a horizontal supportive region and it would start its 5th wave which would lead prices towards 24 and 26 initially and penetration of these regions in upward direction would call for 30 Rs.

Weekly Chart with Supports & Resistances: