Persistent Systems: Facing Resistance

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