IGI Logo

Technical Observations

* The share price has generated a bullish Flag breakout signalling a continuation of the up move after three weeks of breather thus offers fresh entry opportunity

* The stock is also seen consolidating after resolving out of 15 months falling trend line, signalling termination of long term corrective phase.

* Structurally, It has witnessed a faster retracement of the last falling segment as 15 sessions decline (|119-100) was completely retraced in just seven sessions. A faster retracement in less than half the time interval signal a robust price structure

* The weekly 14 periods RSI is in strong up trend and is seen rebounding taking support at its nine periods average thus validates positive bias

* Based on the above technical observations we expect the stock extend the current up move and head towards | 132 levels as it is the 161.8% external retracement of the recent breather (| 119 to 100) signalling upside towards | 132 levels

Buy NRB Bearings Ltd @ 115.00-119.00 TGT 132.00 SL 109.00

To Read Complete Report & Disclaimer Click Here

https://secure.icicidirect.com/Content/StaticData/Disclaimer.html

Above views are of the author and not of the website kindly read disclaimer