Buy IGARASHI with short term target of 900
The stock has been under protracted downtrend after testing highs at 1124. After remaining in a falling channel for over six months, a potential base has been formed in the 800-840 zones. The stock ended above its upper Bollinger band some time back indicating further potential for an upside. With bands being 40% narrower-than normal, the possibility of a sharp mover in prices further increase. MACD remains in continuing buy mode. A fresh MACD positive crossover is seen on Weekly Charts and it now trades above its signal line. RSI is seen reversing from a pattern support and is seen inching higher.
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