With Covid – 19 second wave, most of the automotive companies suffered terrible outcomes. Before even recovering from the earlier crisis brought by the first wave of the pandemic, some of the companies are seeing an even deeper cut in their profits and Sales. Exide is one of them – We can see a stellar Downtrend in the Exide Industry Stock Prices from the last few months, when we look at any Time frames from 1h to 1D, we can clearly notice the selloff.
Exide Industries – Price Action Analysis on 4h Chart
But from last couple of days, we can see a sustained rally in Exide Stock Prices. The Shares have already rallied upto +13% in a matter of few days! Take a look at the Chart of Exide Industries.
First of all, we can notice a Downtrend, all the way from the beginning of Feb 2021. The Stock Prices are declining from 220 and has fallen all the way till 170. But after testing 170, Prices quickly bounced back from the Bottom and rallied till 190, where we can notice an Important Resistance zone.
Prices are trading closer to the resistance zone and we can witness a lot of action taking place at the level. First we noticed Sellers attempting to push the prices downside, but couldn’t make it. Once the Sellers failed, quickly we noticed a Breakout from the Resistance. Interestingly, right after the Upside Breakout, without any Momentum prices once again has fallen back below the Resistance. Looks like an intense battle between Buyers and Sellers taking place at the level.
Prices are trading closer to the Resistance zone and we can witness a lot of action taking place at the level. First we noticed Sellers attempting to push the prices downside, but couldn’t make it. Once the Sellers failed, quickly we noticed a Breakout from the Resistance. Interestingly, right after the Upside Breakout, without any momentum prices once again has fallen back below the Resistance. Looks like an intense battle between Buyers and Sellers taking place at the level.
In either case, we can expect some Good opportunity in Exide Industries. So Keep an eye on the Price Action and take positions as per the prevailing market sentiment.
