KS Oils: Correcting after a fall

K.S. OILS Daily BSE Stock Chart Technical Analysis:

KS oils has fallen quite sharply in 2010 and is right now near its lowest price range in the last 3 years. 

Close & CMP: 32.40 

• Currently the price is traveling within a price channel as is visible on the chart.
• Rs30 is the important support level for this stock price.  If it falls below 30, we can only wait for it to return.
• At this point though, falling below 30 is unlikely.  The price can be expected to hit 30-31 and then rise back to 33-34 making small swings.  After that, it is important what happens. If the price rises above the price channel's upper trendline, there might be a breakout with high volume and this can be traded with a long position.
• The current price channel is a decreasing triangle double zigzag A-B-C Elliott Wave correction unfolding.  This means that we should wait before taking long-term positions on this stock and wait for an impulse wave (trend) to emerge. 
• However, you can still trade any breakouts above the price channel as discussed above as this may be a good short term opportunity.  Keep your stoploss tight if and when you make this trade.
• KS Oils के शेयर का भाव त्रिकोण आकर में चल रहा है, जैसा की आप चार्ट पर देख सकते हैं.  ३० पर इसका पक्का सुप्पोर्ट है.  ३० के नीचे गिरा तो फिर राह देखनी पड़ेगी की वापिस लौटे.  और अगर यह भाव के त्रिकोण से ऊपर निकल गया आचे वोल्यूम के साथ, तो फिर इसे खरीदा जा सकता है लेकिन स्टॉप लोस को कास के रखें क्यूंकि इसका अभी भी कोई भरोसा नहीं है, अभी तक कोई ट्रेंड नहीं दिख रहा है.   

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K.S. OILS Daily BSE Stock Chart Technical Analysis

(analyzed for Prashant, Rajkot)