The above daily chart shows the stock turned into bullish zone from the week ended on 18/06/2010. Trend line break out has been witnessed for intermediate term. Buys are spotted with higher volume. Momentum will start on rise and close above 213.Last week it made the high of 211.50 which is 38.2% retracement level of fall from 328.70 to 140.5. Focal resistance placed at 213. Violation of resistance will confirm the stock is moving towards 61.8% retracement level placed at 255 in other words on rise above 213 the stock likely to test 255 levels in near term perspective. On further rise and close above 255, the next target will be at 285 in medium term perspective. Support level will be at 198 – 190 – 187.
FCH - Weekly
Recommendation: Traders can buy above 211 and the target will be at 255 in near term perspective. If the stock fall below 198 level then use supports for buying/accumulating placed at 190 – 187 levels.
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