EIH LTDLong
Bullish set-up in EIHOTEL!!!
EIHOTEL is showing strong momentum in technicals.
1. Stock broke out of descending triangular Pattern after long consolidation and gave strong follow-through after the breakout.
2. Stock has filled the earnings gap quickly and currently sustaining above the gap area signifying strength of the buyers.
3. Stock has tested 50EMA once and bounced back quickly.
4. Trading in a tight range and tested resistance level of 425-430 multiple times making the resistance weak.
Fundamentally the company is well positioned and is showing consistent earings growth which is clearly visible in the performance of the share price. Hotel industry is witnessing sectoral tailwinds and EIHOTEL is taking advantage of the same.
Takeaway - technically 425 to 430 will be best
Entry point, watch out for increasing volumes on intraday basis to take entry and trailing the SL based on the risk appetite is suited strategy to play this out.
1. Stock broke out of descending triangular Pattern after long consolidation and gave strong follow-through after the breakout.
2. Stock has filled the earnings gap quickly and currently sustaining above the gap area signifying strength of the buyers.
3. Stock has tested 50EMA once and bounced back quickly.
4. Trading in a tight range and tested resistance level of 425-430 multiple times making the resistance weak.
Fundamentally the company is well positioned and is showing consistent earings growth which is clearly visible in the performance of the share price. Hotel industry is witnessing sectoral tailwinds and EIHOTEL is taking advantage of the same.
Takeaway - technically 425 to 430 will be best
Entry point, watch out for increasing volumes on intraday basis to take entry and trailing the SL based on the risk appetite is suited strategy to play this out.
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