Beruflich Dokumente
Kultur Dokumente
CMP
1855
Recommended Action
Buy between CMP & 1780
Targets
Rs.2050,2150
SL*
1740
Time Horizon
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.
Observations:
Stock has broken out from the last 21 weeks price consolidation with rising volumes
Stock price has sustained above the multiple top resistance placed around 1800 on the weekly chart
Primary trend of the stock has been bullish with higher tops and higher bottom on the monthly charts
Stock has been taking support on its 100 Week moving average for last many years.
Stock has broken out from the symmetrical triangle on the weekly chart, indicating continuation of a bullish trend.
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 1780, for the
targets of 2050 and 2150, keeping stop loss at 1740 on closing basis.
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