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| 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.
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