scorpiomanoj
Long

HealthCareGlobal (HCG) - WATCH LIST STOCK.

NSE:HCG   HEALTHCARE GLOBAL
WATCH LIST STOCK. DO NOT BUY NOW. READ CAREFULLY AND BUY ONLY IF THE REFERRED LEVELS ARE TRIGGERED.
HCG (HealthCareGlobal).
CMP 335
Weekly chart.
Stock has been hovering within the long term upward sloping upward channel since 2016. Stock is currently on its 5th attempt in trying to break the upward channel. Volumes appear encouraging. The more the stock touches the resistance level , the more powerful is the momentum says the theory. Having said that it is pre-mature to decide a trade based on anticipation of channel breakout. Hence PLACE THIS STOCK UNDER WATCHLIST. BUY ONLY IF IT CROSSES 355. OTHERWISE DO NOT BUY AS IT CAN GO TOWARDS THE DOWNWARD SUPPORT OF THE CHANNEL (290-300). If stock is able to cross 355, 335-355 should remain as a strong base and next leg of upmove should possibly start for its journey towards 450 levels. (FUNDAMENTALS NOT SO APPEALING; HOWEVER IN THE EVENT OF A FURTHER UPMOVE IT IMPLIES THAT TECHNICALS DISCOUNTING SOMETHING WHICH MIGHT BE REFLECTED IN THE FUNDAMENTALS AFTER SOME TIME).
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