EMAMI LTD (EMAMILTD) - Double Top Firmly In Place - 12/23/2016
A general tide has lifted all the boats and now when it's ebbing, to borrow Mr. Warren Buffet's phrase - we will soon find out who is swimming naked. Many stocks have gone from ridiculous to insane levels and they are bound to come crashing down.
Emami Limited's first test will be at 900. That support may not hold during the thick of the things and we are more inclined to grab a little near 800 support level rather. Also please keep in mind that, even 800 level is most probably going to be the short term trade unless something changes. Below that, the stock has open area until 500. That's too far but we need to have our game plan ready because stocks take years to rise and they fall within days to undone all the work.
Another such stock is DABUR, which we begin to short near 320 and that has been materialized as perfect top ! There is no magic in it, it's power of simple objective technical analysis ;)
Emami Limited's first test will be at 900. That support may not hold during the thick of the things and we are more inclined to grab a little near 800 support level rather. Also please keep in mind that, even 800 level is most probably going to be the short term trade unless something changes. Below that, the stock has open area until 500. That's too far but we need to have our game plan ready because stocks take years to rise and they fall within days to undone all the work.
Another such stock is DABUR, which we begin to short near 320 and that has been materialized as perfect top ! There is no magic in it, it's power of simple objective technical analysis ;)
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