The above weekly chart shows the bullish outlook for short term. The stock retracing to 38.2%, 50% and 61.8% levels of fall from 213 to 94 placed at 140 to 168 range. The bottom of 94 - 97 range is the good support for bulls with high volume which is top of 12/09/2008. The stock exactly took support and started bounce back from 94. Short term support level placed at 108 – 103.The daily oscillators are in heavily oversold and also started recovering from there with positive divergence. The candle stick pattern of last few weeks indicates the short term trend reversal on the charts.
Momentum oscillators and the volume are supports our view for short term. The current pullback likely to continue and heading for the Target of 125 to 140 band. On outer extent stock have the chance to move in the band of 140 to 168 ranges also.
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