Technical Positional Pick - Buy Eris Lifesciences Ltd For Target Rs. 640 - HDFC Securities
The attached weekly timeframe chart of Eris Lifesciences Ltd signal that the recent downward correction of the last few weeks seems to be over.
The stock price has bounced back strongly in this week from near the support of 20 period EMA around Rs 491.
We observe formation of higher bottoms in the last few months and the stock price has resisted strongly at the highs of around Rs 560-590 levels(horizontal line, as per the concept of change in polarity).
This above said pattern indicate a formation of bullish ascending triangle and such pattern more often results in an upside breakouts.
The overall chart pattern of Eris Lifesciences Ltd indicate a long trading opportunity.
One may look to create positional long as per the levels mentioned above.
Buy Eris Lifesciences Ltd @ Up to 3 months 535-490 CMP 521 TGT 640 SL 478
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