It is evident from the weekly charts that the stock has reversed in the short-term. Above observation is supported by the formation bullish engulfment candlestick formation. In addition, rise is accompanied by surge in volume . Investors can consider buying the stock at 440 and on declines up to 390. Stop loss can be placed at 340. We can see price moving up to 480, 530 and 580 in the ensuing weeks.
On 25 Dec closing price was 426. Posted a high of 467 on 02 Jan. Almost rise of 8 %. On 28th Jan posted a low of 385 ( Came into buying range of 390) . Currently trading at 410. The bullish reversal pattern on monthly charts is still valid.
ReplyDeleteOn 06, March posted a high of 470. Trading above 390 ( Low of February)
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