| CP# | 181.6 |
| Idea | SELL |
| Sell Range | 186 – 181 |
| Target | 170 – 168 |
| StopLoss* | 192.5 |
| Duration | 12 – 15 Trading Days |
| Potential Return^ | 6 – 7% |
| CP# | Idea | Sell Range | Target | StopLoss* | Duration | Potential Return^ |
| 181.6 | SELL | 186 – 181 | 170 – 168 | 192.5 | 12 – 15 Trading Days | 6 – 7% |
# CP – closing price on Dec 09, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 176.
^ The returns are calculated based on CP#
COMPANY OVERVIEW
Exide Industries have seven factories across the country and subsidiaries in the UK, Singapore and Sri Lanka, is the largest manufacturer of automotive and industrial lead-acid batteries in India and fourth largest in the world. The company manufactures a vast product range of 2.5 Ah to 20,600 Ah capacity. Incorporated in the year 1947, they provide power storage solutions for automotive, defense, telecom, mining, railways and information technology. In 2018, Exide Industries launched three new range of automotive batteries – Epiq, Exide Gold and Exide Cabby. The battery manufacturer’s standalone net profit dropped by 11.6% to 237.29 Cr in Q2FY20.
| Stock Data | |
| NSE Code | EXIDEIND |
| Sectoral Index | Nifty 500 |
| 52W High | 273.8 |
| 52W Low | 166 |
| Face Value | 1 |
TECHNICAL OBSERVATIONS (WEEKLY)
- Head and Shoulder formation (highlighted in the orange shade) since 2017 onward with neckline of the said pattern seems to exist around 196-200. The price had completed it’s breakout at right shoulder on July 2019.
- After the breakout, the price didn’t reach it’s hypothetical target and retracing back to its neckline which is now acting as a resistance. This pullback is typical* after the Head & Shoulder breakout. We may expect the price to fall further in the coming days.
*According to Bulkowski’s Pattern Index, after the neckline breakout, the average Pullback rate is 68%
TECHNICAL OBSERVATIONS (DAILY)
- Lower Tops and Lower Bottoms at Daily Charts.
- ADX and -DI crossing above 20 indicate selling momentum and possible further fall.
CONCLUSION - EXIDE INDUSTRIES SHARE PRICE FORECAST
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Bulkowski Pattern Index shows Head & Shoulder Top is one of the highest-performing patterns. The Exide Industries completed H&S twice earlier and currently developing a pullback. Does it meet the target?#technicalanalysis #trading #tradingtipshttps://t.co/wGq7iOFqCC
— Goodluck Capital (@CapitalGoodluck) December 10, 2019