The above weekly chart shows bullish outlook for short to medium term. After testing the crucial bottom the stock started recovering from the support. It seems like the stock has bottomed out. In addition few weeks back “Falling Wedge” break out has been witnessed with high volume which is good bullish reversal sign. Now the volumes are consistently increasing with rise in price. The weekly and monthly RSI shows positive crossover. Overall the stock is heading toward 110 - 135 levels which is 38.2% - 50 % retracement level of last falling leg. On sustained rally above 135 the stock will move further towards 190 in medium to long term perspective.
Strategy:
ΓΌ Investors can buy the stock at 45 – 41 range for the target of 110 – 135.
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