Stock pick of the day : China Unicom

Recommendation Buy

Target : 15 & 16

Recommended Price : 13.50

Stop Loss: 13

STOCK SUMMARY:-

Major trend of is bullish on chart. It has been trading with higher top and higher bottom formation with positive biasness . It has shown small correction from its significance high and it is likely to bounc back from lower level in upcoming trading session. We recommend the stock to buy on deep and stock is likely continue north ward movement in upcoming session. One can initiate long position in the stock at recommended level of 51.60 and can expect the targets of 15 & 16 in short term, while support of 50 DMA at 13 on hourly chart can act at stop loss.

CHART FORMATION:-

Stock is forming higher top and higher bottom and 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.