The stock has been in approx range of 330 to 400 for almost 2 years. Stock has bounced off from lower end of this range recently. It has also broken out of downward sloping trendline at 345 today. The RSI indicator is bouncing from oversold levels. MACD indicator is also making bullish divergences. Company posted good q1 results too. We hold.
On Weekly candle sticks of Wonderla, it looks Wonderla is maintaining the uptrend and it can easily be a multi-bagger considering the facts that
- There is no considerable competition for Wonderla in the Cities they operating (Cochin, Bangalore, Hyderabad)
- Infosys co-founder Narayana Murthy also invested hugely
- Newly building a theme park in Chennai
Post the recent quarterly numbers the stock slid steadily and had formed a double bottom on the daily charts ~315, Recommend a long trade on the name with stops placed at the recent lows on a firm close, anticipate a target of 375 - Fib Golden retracement of the fall over the next 15- 20 sessions.