“Down-sloping” trend line breakout
• On the weekly chart, the stock has observed eight months “down-sloping” trend line breakout at 2525 levels indicating trend reversal
• This buying momentum was accompanied with huge volumes indicating increased participation at lower levels
• The stock is also well placed above 20, 50 and 100 day SMA which supports upside momentum
• The daily and weekly strength indicator RSI signals positive crossover indicate rising strength
• The above analysis indicate upside of 2750-2880 levels.
Time is 3 to 4 weeks.
• This buying momentum was accompanied with huge volumes indicating increased participation at lower levels
• The stock is also well placed above 20, 50 and 100 day SMA which supports upside momentum
• The daily and weekly strength indicator RSI signals positive crossover indicate rising strength
• The above analysis indicate upside of 2750-2880 levels.
Time is 3 to 4 weeks.
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