I recommend to Buy Morepen Labs as a positional call for medium term. Charts of morepen labs shows that the stock is oversold in the market with unjustified pessimism. It's prime time to get into the morepen labs with targets of rs. 42.00 which can be seen within 12 months from now. It has created a Inverted Hammer Pattern which is a strong bullish reversal...
The price is still in a downward move, however the recent move which broke the cloud from below and was able to sustain for a couple of weeks above of cloud, means showing signs of exhaustion in selling.
the swing in pink marks and the pink numbers are weekly swing data...
rest is the daily swing data
more details about the chart
disclaimer... not an investing/trading recommendation
Morepen Laboratories Ltd. engages in the manufacture and market of bulk drugs and pharmaceutical formulations. The company was founded by K.B. Suri on December 1, 1984 and is headquartered in New Delhi, India.