Technical Analysis Pricol Ltd.

The stock $PRICOLLTD is looking at the daily chart currently trading right around the 568 mark. After hitting a major high near the 680 level late last year the stock has entered a broader consolidation phase. Over the last few months we can see a structure of lower highs and lower lows indicating an ongoing corrective trend. The stock has an immediate support zone between the 540 and 550 levels which has successfully held the price up in recent trading sessions. If the selling pressure increases and the stock breaks below this immediate support it could fall toward the major support area of 500 to 520. This lower zone acts as a very strong historical base where buyers stepped in heavily earlier in the year. At the upside any bullish recovery will first face immediate resistance in the 600 to 610 range a psychological zone that recently rejected the price. If the stock can manage a strong daily close above 610 it will clear the path to test the major resistance zone between 640 and 680 which represents the previous major swing highs on the chart. For short-term buyers it is best to avoid taking fresh entries right now because the stock is stuck in a choppy sideways range. You should wait for the price to either dip and show strength near the 540-550 support zone or give a strong daily breakout above 610 before buying. For existing holders, the current view is to patiently hold the stock but strictly maintain a stop-loss just below 540 to protect your capital. If the price breaks down below this support it can quickly fall to the 500 level so holders must remain cautious. However, if the stock successfully holds its ground and crosses the 600-610 resistance zone holders can expect a solid upward rally.