After breaking the down trendline and taking support of key moving average it tested the ATH levels and broke without any consolidation. After taking out the ATH levels it consolidated for 5 weeks with 13% range and also on low volumes. Volumes are still dried up. It has managed to close above the July's last week candle high(131.70). 1st week of august it tried but failed. and this week it managed to close but volumes are not satisfactory yet.
We would wait for at least 2 consecutive daily close above this week close or high(preferable).
If in case it manages to, then SL would be 119.5(CLBS) and possible target would be 145 & 195 both derived as per trend based fib.
Stock is cruising well above it key moving averages.
Our view stands invalid if it closes below the previous ATH zone. (106-115) which was previous resistance thus now act as a support.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
We would wait for at least 2 consecutive daily close above this week close or high(preferable).
If in case it manages to, then SL would be 119.5(CLBS) and possible target would be 145 & 195 both derived as per trend based fib.
Stock is cruising well above it key moving averages.
Our view stands invalid if it closes below the previous ATH zone. (106-115) which was previous resistance thus now act as a support.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.