The stock has taken a support form crucial level due to news for "MERGER and BUYBACK".
Support Level : After the retrenchment and channel breakdown, price recovered from fib level of 0.618 & EMA 100 and close above trendline with bullish candle.
If news momentum continue, probability of 20-25% upside are high quiet in such volatile market.
If support broken in weekly basis i.e. Rs 635, we can go short for 8-10% target.
Points considered in analysis are Parallel Channel Support & Resistance , Fib Retrenchment , Candle Behaviour and Moving Average.
Thanks
Disclaimer : Consult your financial advisor for invest and trading advise and follow proper risk management.
Support Level : After the retrenchment and channel breakdown, price recovered from fib level of 0.618 & EMA 100 and close above trendline with bullish candle.
If news momentum continue, probability of 20-25% upside are high quiet in such volatile market.
If support broken in weekly basis i.e. Rs 635, we can go short for 8-10% target.
Points considered in analysis are Parallel Channel Support & Resistance , Fib Retrenchment , Candle Behaviour and Moving Average.
Thanks
Disclaimer : Consult your financial advisor for invest and trading advise and follow proper risk management.
Comment:
Chemical sector are generating a thrust, keep a watch on stock.
