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| Daily Chart |
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| Weekly Chart |
Price Action
- Stock broke-up with down-ward sloping trend-line with a volume expansion.
- Stock is likely to form higher-top, higher bottom formation.
- Can be seen as forming double bottoming -out pattern, if stocks sustains above level of 150
Candle-Stick formation on weekly chart
- Previous bottom is made via bullish hammer.
- The said hammer is followed by a bullish belt hold candle, which is a bullish contiuation pattern.
- Both candle indicates , that upward -rally is likely to continue in the near term.
Indicators
- Moving Average : Trading above 30 day moving average, and also curving up- signalling strength in upside -momentum.
- Stochastic : Indicator is consistently pointing-up,likely to move into reading above 80 signalling strength in upside -momentum.
- RSI : Indicator is pointing-up , moving above reading of 50% , making higher high, higher low, signalling strength in stock
- MACD : Indicator has shown positive crossover and pointing-up and MACD bars are also making newer highs.
- ROC : Indicator signalling strength in up-side momentum.
- Volume : Volume is expanding with the prices rallying-up.
Analysis:
- Price action and Indicators are in favor of bulls, thus one can follow buy on dips strategy in this stock.
- If stock succeeds in breaching levels of 149, it can test levels of 157, which is the 50% retrace-ment of its previous downfall from the level of 188.4 to 125.1.
- Likely levels that can be seen on the up-side are 157, 164, 175.
- Trailing Stop loss is placed at 140, 137, 133, 130.
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