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Why Am I Bullish about AEL
1. The Government has indicated the interest of asking for Chinese help in order to strengthen the sinking economy. Partly green signal is given for Chinese naval vessels to visit Sri Lankan waters. Port City project has got 5 more months before it gets a final decision. I do not think we are in a position to challenge Chinese as we are already being bought by them. So the port city project will resume one way or the other.
2. Most technical indicators like RSI and IMI are at oversold level. They might dip a bit more before a positive divergence appear. But having regards to the weight of the company, it won’t be far away from now.
3. Resistance level about Rs. 27.50, and sideways trade at 25.00 - 25.50 levels follows Fibonacci retracement levels - I rather use Zones instead of levels as I am more concerned about long term results. At 22.50 it again meets another Fibonacci resistance zone. Chances are high to hold on or bounce back rather than break loose downwards.
4. A Double bottom chart pattern is in the making but there is no way of confirming it until the reversal takes place and breaks the resistance at 27.00 - 27.50 zones. Reversal might kick off at 21.00-22.00 Range and at the worst at 20.00
5. Volumes have increased and the Chaiken Cash flow divergence is positive at the moment.
Please do not consider this as a buy-sell-hold recommendation. As we all know chartist can do predictions only and predictions DO go wrong. And chart predictions are sentimentally biased. DO refer to your charts and if I have screwed up anything please feel free to enlighten me.
1. The Government has indicated the interest of asking for Chinese help in order to strengthen the sinking economy. Partly green signal is given for Chinese naval vessels to visit Sri Lankan waters. Port City project has got 5 more months before it gets a final decision. I do not think we are in a position to challenge Chinese as we are already being bought by them. So the port city project will resume one way or the other.
2. Most technical indicators like RSI and IMI are at oversold level. They might dip a bit more before a positive divergence appear. But having regards to the weight of the company, it won’t be far away from now.
3. Resistance level about Rs. 27.50, and sideways trade at 25.00 - 25.50 levels follows Fibonacci retracement levels - I rather use Zones instead of levels as I am more concerned about long term results. At 22.50 it again meets another Fibonacci resistance zone. Chances are high to hold on or bounce back rather than break loose downwards.
4. A Double bottom chart pattern is in the making but there is no way of confirming it until the reversal takes place and breaks the resistance at 27.00 - 27.50 zones. Reversal might kick off at 21.00-22.00 Range and at the worst at 20.00
5. Volumes have increased and the Chaiken Cash flow divergence is positive at the moment.
Please do not consider this as a buy-sell-hold recommendation. As we all know chartist can do predictions only and predictions DO go wrong. And chart predictions are sentimentally biased. DO refer to your charts and if I have screwed up anything please feel free to enlighten me.
here's my pf as a proof.
