EXIDEIND upside Breakout. But why you should be cautious!!

EXIDEIND Price action outlook

EXIDEIND has given a clear upside breakout in charts. Lets have a quick analysis of price action charts.

EXIDEIND Daily chart

The chart clearly shows EXIDEIND has moved strongly upward against the down trend line. There is a huge volume of  6M is also recorded on last day.

This indicates a clear call for BUY. But for how long this trend can be sustaining? Should you be cautious to get in the trade? Let us have look.

Why to be cautious in this breakout

Let us find out what is happening in monthly and weekly charts.

EXIDEIND Monthly chart

What does the monthly chart says? It says that price has touched a peek and in pull back. Also it has broken a support trendline last month. Clearly indicating it is in a pull back or consolidation period in a long term view. But is this to be taken care if you are looking for a few days holding? Lets look through weekly chart too.

EXIDEIND Weekly chart

Weekly chart says it has bounced back after forming a pin bar last day. Showing full strength to up move.

Conclusion: You can go for a long position but you must realise, in long term this is going to be a side ways or down trend. So there can be a lot of zigzags in price movement. So keep an eye on support trend line closely and exit whenever it breaks downwards.

At present BUY at current price .
SL : 207
Target :  Until it reverse and go down the support trendline.

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