PI Industries Share Price Technical Analysis

PI Ind Share Price Technical Analysis

PI Industries Limited Technical Rationale

  1. After a short period of consolidation, the stock is again geared for its next leg of the up move. On 30th April 2020, PI Industries has decisively broke-out from the cup and handle pattern at ₹ 1,540 supported by good volumes.
  2. The share price has also witnessed 20 DMA crossing over 50 DMA on a daily interval which is a bullish signal for the short term.
  3. Momentum Oscillator RSI (14) is above 60 which indicates also indicates the bullish bias.
  4. The ADX (14) is above 25 which confirms the existing trend to continue.
  5. The depth of the cup is around 600 points which makes the target of around ₹ 2,000 - ₹ 2,050 within 6 months i.e. upside of around 25% from the Current Market Price.

CMP: ₹ 1,590 |  Target Price: ₹ 1,990 | Stop Loss: ₹ 1,460 | Time Frame: 4-6 Months | Upside: 25%

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