FMGOETZE chart analysisFMGOETZE chart forms Inverted H&S within large IH&S pattern. Recently PARADEFENCE stock has made same pattern which broke with strong volumes.
If FMGOETZE break's out, it may touch the neck of larger IH&S or parellel channel midline in next quaters.
Need to keep in watchlist.
Should Plan trade accordingly.
FMGOETZE
FEDERAL MOGUL - Bullish Swing Reversal with VolumesNSE: FMGOETZE is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has reversed at key support area which is indicating demand.
One can look for a 13% to 19% gain on deployed capital in this swing trade.
The view is to be discarded in the event of the stock breaking previous swing low.
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FMGOETZE looks good for a short term Target Price of Rs. 509FMGOETZE can be brought for a short term target of Rs. 509 on following ground :-
1. The stock is moving above 20 and 50 EMA.
2. Today's price increase is supported by increase in volume of 38119 against 8 Day Average volume of 29124.
3. The share can be brought between Rs. 475 and Rs. 480 with a Stop Loss of Rs. 465.
Please take your own decision and do not rely on my views as my suggestion is for study purpose.