Stock Idea - Lemon Tree Hotels Limited By Choice Broking
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On the monthly chart, the stock has turned around from the law of 14.05 levels since May’20 to 49.50 till Dec’2020, rallied more than 250% in just 7 months. After thal, the stock retreated almost 45% [rom the high of 49.50 Lo 27 levels in Apil'21.
In the month of May'21, again the slock has started Lo regain wilh heavy Volume and given a breckout of 49,50 levels in the recent month
On a weekly timeframe, the stock has confirmed Horizontal Line breakout and moved above the prior swing highs. The stock has also shifted above Ichimoku Cloud formation with a positive crossover.
The Volume activities have been gradually from last two weeks, which is supporting the upward trend, An indicator MACD & Stochastic have also suggested positive crossover.
On the daily chart, the stock has traded above the Upper Bollinger Bane formation & 50-days SMA, which indicates bullish strength for the near term.
Hence, based on the above technical structure, we are expecting an upward move in LEMONTREE for the Largel at 60/65 levels while on the downside, lhe support comes at 38/40 levels.
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