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Price dropped due to profit taking, on monthly chart, melewar price had broken ma200, with volume, its a sign of trend changing, after years of downtrend, its just that the candlestick formation is not quite impressive, but still price remained above ma200, on weekly chart, the price in on the dip, and it has rebounced after a nose dive last week, but still on uptrend, price steady in between ma20 and ma50, on daily chart, something worth to remember, melewar had previously sky rocketed to 0.755, and had a huge gap from trend line and as well those MA’s, so theorytically, it will take a nose dive back to the trend line and MA’s, then bounced back up, and the price stabilized at around 0.57-0.63… Overall, melewar still on uptrend, and doing good, unless the price broke 0.535 treshold
Above is my synopsis on melewar, dont believe it 100%, im training on my writing as im taking cfte exam soon.
ok sir mr. pro trader son of warren buffet......pls take me as your disciple....pls seu evum....as a newbie i pledge my undying loyalty to great trader like u sir....
Basically on monthly chart this lousy counter is on bearish, let alone weekly chart, hopefully it will wake up from slumber next month, no point of hoping it will rebound any time sooner
