A good buy above 647 for a target of 740. SL for short term traders - 605 | Long term investments SL - 486
1. Cup and Handle formation - Breakout above resistance (647)
2. Convergence to long term trend line possible as volumes are good.
This stock is of pyramid fashion so keep accumulation at lows of pyramid (generally 0.618 fibR) for long term.
#Technical :
1. Stock is sticky to Monthly trend line (refer chart attached) and current price has deviated enough from that. Convergence is highly likely.
2. MACD supporting the uptrend.
GALAXYSURF has formed a bearish chart with head and shoulder pattern with LTP breaching the neck line. Furthermore, it is approaching 0.382 fib retracement level and moving towards 0.5 fibR level as Target 1. Once 0.5 is breached it will take support at 0.618 fibR level which is also a long term S/R level.
