CESC ha been in uptrend for last one year. The stock has given more than 100% returns in last one year.. Its 52 week high low stands at 827 & 340 respectively.
After making a high of 827 in September, the stock has corrected significantly upto the levels of 645. The stock has bounced from the levels of 645 twice in last 10 trading sessions to form a short term double bottom. Its neckline stands around 693. Its most likely that the stock would go further up break out of the pattern. Declining volumes on correction & rising volumes on accumulation also supporting the view. So we recommend going long in the stock if it closes above 694 for targets of 740 & 770 with stop below 670 on closing basis.
After making a high of 827 in September, the stock has corrected significantly upto the levels of 645. The stock has bounced from the levels of 645 twice in last 10 trading sessions to form a short term double bottom. Its neckline stands around 693. Its most likely that the stock would go further up break out of the pattern. Declining volumes on correction & rising volumes on accumulation also supporting the view. So we recommend going long in the stock if it closes above 694 for targets of 740 & 770 with stop below 670 on closing basis.
Call initiated today
ReplyDelete