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Monday, August 11, 2014

Stock Pick of the day, Tuesday, August 12 2014 : CLP Holding

CLP Holding




Recommendation : Buy

Target : 67 & 70

Recommended Price : 64.70

Stop Loss: 63
STOCK SUMMARY:-

Major trend of is sideways on chart. It has been trading side ways range with positive biasness . It has shown significant accumulation during last trading session. We recommend the stock to buy on break out of upper resistance level 64.75 and stock is likely showed north ward movement on the break out of same. One can initiate long position in the stock at recommended level of 64.75 and can expect the targets of 67 & 70 in short term, while support of 200 DMA at 63 on hourly chart can act at stop loss.

CHART FORMATION:-

Stock is in sideways trend and forming rectangle pattern and it has been trading with support of support of 50 DMA and 200 DMA . Appearance of golden cross showing that momentum in the stock may remain positive and ikely 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 trading above 25 mark.




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