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RETAIL RESEARCH
CMP
17.45
Recommended Action
Buy between 16.5 and 17.45
Target
18.7/21
Time Horizon
1-3 Months
Suzlon Energy has bounced back sharply from the lows of 15.7 in the last few sessions. The change of Polarity principle seems
to be in operation as these supports previously acted as a resistance (See the red horizontal line in the chart above).
This weeks upmove was also accompanied with above average volumes, which indicates that there was significant
accumulation.
Technical indicators are currently giving positive signals as the stock trades above the short term (13 day SMA) and medium
term (50 day SMA) moving averages. It is now on the verge of crossing the 200 day EMA.
Momentum indicators like the 14-week RSI are in rising mode and not yet overbought. The 14-week RSI also trades above its
9-week EMA, which is a positive signal.
The Stochastics indicator on the weekly chart too has just started rising from oversold levels, which is encouraging.
We believe the stock has the potential to move higher in the coming weeks and months. We therefore recommend a buy at
CMP and adding more on dips. Our entry levels, along with stop loss and targets have been mentioned above.
RETAIL RESEARCH
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RETAIL RESEARCH
RETAIL RESEARCH
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