The above weekly chart shows the bullish outlook for medium term. From Feb 2009 volumes were started increasing with rise in price which indicates buy positions were strongly added in the stock. The stock moves within the rising channel which is vital bullish structure. Overall the stock moving towards 100% projection level taken from 20.50 to 102.75 the levels are placed at 145 for medium term perspective.
In outer extent if the stock moves above 145 then bullish outlook continues with the break out of upper channel line, and it heading toward 175 - 195 which is 138.2% and 161.8% level of above mentioned projection. Channeling and wave suggests the stock is bullish for medium term to long term.
As the daily & weekly oscillators are in heavily overbought the price and indicators require mild cool off in forthcoming days therefore buy the stock from now and accumulate if any dip comes up to 102.
Strategy:
Buy the stock at CMP for the Target of 145 – 175 – 195.
Accumulate if any dip comes up to 102.
Vital support placed at 102 - 95 levels.
In outer extent if the stock moves above 145 then bullish outlook continues with the break out of upper channel line, and it heading toward 175 - 195 which is 138.2% and 161.8% level of above mentioned projection. Channeling and wave suggests the stock is bullish for medium term to long term.
As the daily & weekly oscillators are in heavily overbought the price and indicators require mild cool off in forthcoming days therefore buy the stock from now and accumulate if any dip comes up to 102.
Strategy:
Buy the stock at CMP for the Target of 145 – 175 – 195.
Accumulate if any dip comes up to 102.
Vital support placed at 102 - 95 levels.
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