My last post on AEL on the 1st of December I shared chart given below. It was mentioned that the area between 21.80 and 24.10 was an area that witnessed a long consolidation that lasted over 200 market days, between 2012 and 2014. Thereafter the Prices climbed to a staggering all time high of 40.20 on the 13th of November 2014.
Given the rejuvenation injected towards the Construction Sector by the present Government, AEL will certainly break that level of 24.10 and trend higher, perhaps much faster than what we saw in 2012 to 2014 period. However Volumes must change hands more than 2.8 million if we were to go by the present moving average of the 20 day volumes. This is an important trigger, but comparatively the volumes that are being traded now are like ants in front of elephants. Next is the change of momentum from a bearish bias to bullish. That too is not seen just yet. This is the time for Gutty Players to get busy. Keep accumulating and be rewarded once those block hunters get into the market. If you are buying now then you must have the guts to wait till you get a sizable return. The present price action is given the the following chart. Please study that to get a better picture of the current situation. Happy Accumulation!!!
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