Below is the technical chart of Parsvnath Developer Ltd., listed on Indian Stock Exchnage, with ichimoku Indicator.
With Ichimoku indicator, the reading of chart becomes so easy, that one can easily take buy, profit booking / sell signal, short selling signal – almost all signals.
On 29-Aug-2011, the stock price CLOSES above kumo at Rs.48.20, thus giving bullish breakup and buy signal. From there, it started its upward journey and touched the high of around Rs.82.
Then on 17-Nov-2011, it closed below kijun-sen line, thus giving signal to book your profits and exit from stock at 71.95.
And finally on 22-Nov-2011, it closed below kumo @44.40, thus giving bearish breakdown signal and opportunity to do short selling in this stock.
â€‹Avoid this stock now as it will surely move more down from here.