PSP PROJECTS: Trend reversal into buy territory in offing

📊 PSPPROJECT - Technical Analysis - February 4, 2024, 14:18 IST 🚧

Company Overview: 🏗

PSP Projects Limited is a prominent player in the construction sector, providing comprehensive services from planning and design to post-construction activities across industrial, institutional, government, and residential projects. The company caters to both private and public sectors, showcasing versatility and efficiency in its operations.

Market Performance: 📉➡️📈

After a recent fall, PSP Projects showcased a commendable recovery, jumping 1.53% on February 2, 2024, closing at approximately 766.50, above the 0.5 Fibonacci level. This significant bounce could indicate a potential trend reversal and sustained buying interest.

Technical Indicators: 🛠

• Fibonacci Levels: Closed above the 0.5 level at 766.50, hinting at a trend reversal.
  
• Moving Averages: Successfully crossed over both the 50-day and 200-day moving averages on February 2, 2024, signaling a notable turnaround.
  
• EMA & MACD: Entered positive territory, indicating bullish momentum.
  
• Parabolic SAR: Emitting a buy signal.
  
• MACD: In the buy territory with MC at 0.88 and signal at -1.45, histogram at 2.33.
  
• RSI: At 75.87, above the upper band and showing bullish momentum.
  
• %R: Trending upward, indicating strength.
  
• Fisher Transform: Indicates a buying crossover, showing strong support for the upcoming days.
  

Entry Levels: 🎯

• Aggressive Investors: Entry at 772.00. First target at 784.05, with a second target of 789.10.
  
• Conservative Investors: Consider entering at 776.00.
  
  

Target and Stop Loss Levels: 🎯

• Target 1: 784.05. 🎯
  
• Target 2: 901.35. 🎯
  
• Target 3: 817.50. 🎯
  
  Stop Loss: 756.15.
  

Market Outlook: 🌤

PSP Projects' recent performance, coupled with positive technical indicators, suggests a promising outlook. If the broader market opens positively in the week starting February 5, 2024, and PSP Projects follows suit, it could mark the beginning of a long-term bullish trend, provided macro and micro factors remain favorable.


Caution: ⚠️
Given the stock's history of volatile swings, a strong trade above 776 is crucial for confirming its bullish potential.



Disclaimer: ⚠️
This analysis is for informational purposes only and is not financial advice. Investors should perform their own research or consult a financial advisor before making investment decisions. Market conditions can change rapidly.




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İşlem aktif:

Target 1 Achieved.

İşlem kapandı: durdurma seviyesi