Since couple of weeks this mammoth was taking a nap, today’s price action seems to wake it up. A bounce from the support area
with a bullish
candle is indicative of the underlying strength in the stock. The RSI
is into bullish
zone and MACD
too into bullish
area taking support on neutral zone. The momentum is turning up in the coming sessions the stock is expected to move to 1650 – 1700 levels, 1590 may create a little hurdle to the move up, the levels may be very much real above 1590.