Stock of the Day – Selan Exploration Tech

After years of bearishness, this stock suddenly found the legs to do the 100 meters in 5 secs :). The rise in the stock in last 4 weeks has cleared the losses a investor saw in the last 3 years. Talk about speed.

Today though the stock made a Doji. While Doji’s generally indicate indecisiveness and aren’t something to track or crow about, the fact that this has happened at the junction of the previous all time high does bring into question the ability f the stock to continue to move higher. 

As a adage goes which says “Rome wasn’t build in a day” and while we shouldn’t overly focus on just this aspect, if you are already long or intending to go long on this stock, today’s high and low (give or take a couple of percentages since markets being dynamic, we cannot be static in our expectations) will provide us with teh next clue as in whether we need to go long the stock or shall we see some amount of profit booking.

But regardless of what happens, this stock is now firmly in the grip of the bulls (for now)

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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