Technical Analysis Dixon Technologies.

The stock

has been in a heavy correction phase since earlier in the year falling from the 14000 levels. However the selling pressure has recently exhausted and the stock is now showing clear signs of a trend reversal. The chart is forming a classic W shape known as a Double Bottom. The stock has taken strong support twice in the 9600 to 10000 zone. This indicates that a solid base has been built and sellers are unwilling to push the price lower. Strong Support 9600 - 10000. This is the safety net. As long as the stock sustains above this zone the bullish view remains intact. Immediate Resistance 11600. This acts as the neckline of the W-pattern. The stock is currently trading very close to this breakout zone. Next Target area 12000 - 12400. If it crosses the immediate resistance this is the next logical zone it will try to test. For Holders continue holding your positions, as the stock is building a strong base and showing clear signs of a trend reversal. To protect your capital in the short term you can maintain a strict stop-loss below the recent swing low of 10400. For New Buyers fresh entries are best made after the stock gives a decisive daily closing above the 11600 resistance level. Once this breakout is confirmed it opens up the room for a quick short-term momentum trade targeting the 12000 to 12400 zones. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.