IBulHsg: Expecting Relief Rally

Stock has been in a strong one way downtrend. Currently near a support zone of 1125-1130.
This zone is quite important. There is 1:1 harmonic completion in this zone. Also 38.2% retracement of its bull move from 600 to 1450 falls in this zone.
I am not expecting complete reversal, due to enormous strength in the current downmove, but a relief rally that could take the stock to 1175 or 1200 levels.
We can materialize from this rally with at least a conservative position.
A signal on the hourly chart would be enough to take position.

Comment: No good signal on the hourly. Negative market beat weak stocks.
Comment: Hope you too made money on this one. Both targets hit by the way.


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