Beruflich Dokumente
Kultur Dokumente
CMP
385
Recommended Action
Buy between CMP & 360
Targets
SL*
Time Horizon
Rs.450,475
350
1-2 Months
Note: * Place stoploss as per daily closing basis. Recommended to stagger buying/selling. If first target achieved, then revise stoploss to buying/selling price.
10 EMA Support
Observations:
Primary trend of the stock has been bullish with higher tops and higher bottoms on the monthly charts
Stock price fell in to consolidation range of 360-385 for last 10 weeks. On 5th Oct 2016, Stock price broke out from this long
consolidation, indicating the continuation of primary uptrend
Recent Breakout can also be termed as a bullish Flag pattern on the weekly chart. This also indicates that, after some
consolidation, stock price is set to resume its bullish trend
Stock price has been taking support at its 10 week EMA for last many weeks and the same can be observed on the chart
given above.
Oscillators like MACD and ADX have been trading bullish on the weekly and monthly charts, indicating strength in the
current momentum
Considering the technical evidences discussed above, we recommend buying the stock between CMP and 360, for the
targets of 450 and 475, keeping stop loss at 350 on closing basis.
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