PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis:
(This is a weekly chart, each bar/candlestick represents one week of activity)
Persistent Systems is a 2010 IPO which started trading on 6 Apr 2010. After an initial uprise, the price fell between July-Nov, and it has started clawing upwards again since the last 1.5 months.
Current close and CMP: 430
Market Outlook:
- The price is facing stiff resistance at 439. Unless it breaks upwards from this price level, it will turn bearish again.
- Buy only above 439.
- If holding this stock, put your stoploss just below 423.
Technical Indicators:
- There is a diagonal line of resistance and the price has stopped rising last week after touching this line.
- The current resistance also co-incides with the 50% Fibonacci level.
- The last week ended with a Shooting Star candlestick pattern
- This is a double resistance at 439. If the price breaks above 439, it will shoot upwards like a bullet. But if it falls below 423, it will began another downward swing.
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PERSISTENT SYSTEMS Weekly NSE Stock Chart Technical Analysis
