Recommendation : Buy
Target
: 9.50 & 10
Recommended
Price : 8.90
Stop
Loss: 8.50
STOCK
SUMMARY:-
Major
trend of is bullish on chart. It has been trading side ways range
with positive biasness . It has been trading in short term correction
phase during last trading session. It has give closing on positive
note today after 3 days consecutive loss. We recommend the stock to
buy on deep and stock is likely showed north ward movement in
upcoming session. One can initiate long position in the stock at
recommended level of 8.90 and can expect the targets of 9.50 & 10
in short term, while support of 50 DMA at 8.50 on hourly chart can
act at stop loss.
CHART FORMATION:-
Stock
was in falling wedge and it has given closing above upper resistance
line and now forming ascending triangle pattern and it has been
trading with support of support of 50 DMA. Appearance of golden cross
showing that momentum in the stock may remain positive and likely to
show northward movement on the breakout of upper resistance level.
INDICATORS:-
MACD
Line is likely to cross its single line, which can bring upward
momentum in the stock.
RSI is
also trading above 50 mark on daily charts and showing conversion
with prize trend.
On ADX positive DI Placed above negative DI and ADX is about to give breakout from 25 mark.
On ADX positive DI Placed above negative DI and ADX is about to give breakout from 25 mark.
