Mphasis
1718
As per stage analysis, it is clearly in Satge 4 as of now.
But if we want to check whether the correction is finally over, we need to resort to EW method.
As per daily chart , it seems to have made a bottom but whether that is a temporary bottom or long term bottom, that needs to be seen and needs few more confirmations.
On monthly chart, it moght close below 40 months moving average in this month + it is making a big red candle and that is not a good sign.
For any stock to really recover and to make a big move, it first needs to close in green on monthly chart and should reclaim the zone above 40 Months moving average.
Let’s keep a close watch on what it does in April.
( we tend to buy stocks at little higher prices but we want confirmations so that we can avoid the traps- bottom fishing can only be done by deep fundamental- analysts)
Monthly Chart
Disclaimer : This post is just an effort for learning few methods of price-patterns. Views are personal and are purely based on our limited knowledge of charts. No buy/sell recommendations. These are probability study methods and chances of success/failure depend upon various factors
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