Technical Analysis – Suzlon Energy
Suzlon Energy (Rs 73.9): Suzlon Energy has been trending down from its life-time high of Rs 460 recorded in early January 2008. Moreover, in June 2009 the stock resumed its longer-term downtrend encountering resistance in the band of Rs 140 and 150 and has been on an intermediate downtrend. The short-term trend is sideways in the range of Rs 68 and Rs 82. This trend can prolong further in the near-term. A downward breakthrough will pull the stock to Rs 55, November 2009 troughLong-term investors can continue to hold with stop at Rs 53. However, a conclusive upward penetration of the range would lead the stock to Rs 90 and then Rs 105 in the long-term.
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I started purchasing Suzlon script from past Nov 2008. Right now I have 650nos of Suzlon Script at an average value of 98.
Its almost been 16months now, do I need to still keep Suzlon as an long time investment. wht will be the status of Suzlon energy in next 6months. Pls advice.
Regards,
Vinay