Exide Industries stock has been rank under performer over last many years. The big question: Is the turnaround in overall market going to bring some positive change in the stock price trajectory?
Here's the Weekly Chart
As you can see in the chart above - Exide Industries built a solid base around 100 but when it came to making a healthy bounce, it always failed to make higher high leading to formation of declining trend line. This also resulted in compression in volatility.
Well Election results seem to have changed that. Exide Ind stock made a Large Candle Breakout above the trendline. Post that move, stock has been quietly consolidating. The stock now has a strong base at 130-135. Traders who are bullish on Exide may try to take the stock higher over next many weeks with closing stop loss below 127.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers