* The stock is rebounding after a higher base formation above the 34 days EMA (currently placed at | 730) which has acted as a major value area in the entire up move since June 2020.
* In the process it has registered a breakout above the falling trendline joining recent highs of 10th May 2021(| 848) and 25th May 2021 (| 794) signalling resumption of the primary up trend, that makes us confident to believe, stock would resolve higher and head towards its all time high | 848 in the coming weeks
* The stock has already taken 20 sessions to retrace just 61.8% of the preceding 18 sessions up move (| 635-848). A shallow retracement signals strength and a higher base formation
* Among the oscillators the daily 14 periods RSI has recently generated a bullish crossover above its nine periods average thus validates positive bias
Buy Intellect Design Arena Ltd @ 755.00-770.00 TGT 845.00 SL 720.00
To Read Complete Report & Disclaimer Click Here
Above views are of the author and not of the website kindly read disclaimer