Mirza Intl has fallen from high of 375 to a low of 218 during the most recent correction. The correction was in the form of a daily rounding top. Now it has formed a double bottom on the very short term daily charts at 218-219 which has been confirmed on breakout above 258. But follow through buying is yet to be seen.
In stocks where fall is more than 20-25% from the peak, there is often a lot of consolidation and base building, and a lot of to and fro movements before the really big moves that take out previous tops come around. In some rare instances, stocks that have corrected significantly do make it above its previous ATH quickly but these are as said before rare.
In such situations, I would wait for some more time to see how it behaves, or wait for 30 Week moving average to be crossed and then 30 week moving average to turn up.
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