Tuesday, February 28, 2017

Global Logistic: Sell down on news, system exited few days back, price 2.64

Following up from previous calls, we have seen the 2.80 resistance held on for more than 2 weeks with it not able to break though.

Has since been in the range of 2.73 to 2.80 for the last 2 weeks before a sell down today on the back of an update of it's strategic review of proposals received.

Hit a low of 2.55 today before some short covering. 2.55 would be a good support level which was where it started its ascent last month.

For illustration purpose only

May consolidate in the range of 2.55 to 2.70 for now before more direction.

From the system (See below), we actually had exit signals few days back – for the earlier bullish entry signals in Jan 2017. Whew.

As longer term trend is still up for now, we may start to see it consolidate before maybe another re-entry signal? PTI grads can check then if it happens  :)

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For illustration purpose only

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