TIDEWATER - Bullish Ingulfing Pattern Formed at Support Level
Tide Water Oil Co. Ltd. is a top company that makes and sells lubricants in more than 65 countries worldwide. In India, it has been serving the automotive and industrial markets since 1928 with its brand "Veedol."
* Stock is already in uptrend and is now facing a minor correction.
* In the last trading session it has formed a bullish engulfing pattern at support level of 2200-
2225.
* If you look at the weekly chart and draw a Fibonacci retracement, then the current price level
0.5 level of Fibonacci retracement, which is another good sign as it acts as major support level.
* Both FII and DII has increased their stake in the stock in June quarter vs March quarter.
FII - 1.98% in June VS 1.51% in March
DII - 1.23% in June VS 1.22% in March
* We can expect a short term up move up to 2500,2600, 2700 levels in 4 to 8 weeks time period.
* Stock is already in uptrend and is now facing a minor correction.
* In the last trading session it has formed a bullish engulfing pattern at support level of 2200-
2225.
* If you look at the weekly chart and draw a Fibonacci retracement, then the current price level
0.5 level of Fibonacci retracement, which is another good sign as it acts as major support level.
* Both FII and DII has increased their stake in the stock in June quarter vs March quarter.
FII - 1.98% in June VS 1.51% in March
DII - 1.23% in June VS 1.22% in March
* We can expect a short term up move up to 2500,2600, 2700 levels in 4 to 8 weeks time period.
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