MTF Stock Pick Buy Bombay Burmah Trading Corporation Ltd For Target Rs. 1375 - HDFC Securities
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MTF Stock Pick Buy Bombay Burmah Trading Corporation Ltd For Target Rs. 1375 - HDFC Securities
TECHNICAL OBSERVATIONS
After showing a consolidation movement in the last few weeks, the stock price has moved up sharply in this week so far, as per weekly timeframe chart.
We observe an attempt of upside breakout of the multi month down sloping trend line resistance around Rs 1250 in this week, which is positive indication.
Hence, a sustainable upside breakout of this intermediate trend line could be a sharp change in trend on the upside for the near term
Weekly 14 period RSI is moving towards its upper hurdle of 60. Its sustainable move above 60 could mean further strengthening of upside momentum in the stock price.
The overall chart pattern of BBTC indicate long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy Bombay Burmah Trading Corporation Ltd Up to 3 months @ Add on dips 1170 CMP 1245 TGT 1375 SL 1145
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