Monday, November 6, 2017

Intellect Design Arena - Change in trend

Intellect Design Arena (INTELLECT)
Short Analysis-
The stock has been correcting since last about 10 months. The quantum of the fall is about 65% from its top. The stock has good support near level of 97-110. This support was created when the stock had given a breakout in July 2015.
In Aug 17 the stock reached back to the same level of around 97-100. You can see the trend line marked on daily and weekly chart. This trend line was acting as resistance and was not allowing the stock to move beyond. During the week ended 15 Sep 17 the stock broken out this resistance. That was first symptom that the stock can change its trend from down to up. During last week (Ended on 3 Nov 17) you can see increase in volumes and bullish candles formation on chart.
Expect the stock to continue this uptrend. 


Daily Time Frame

Weekly Time Frame