IGI Logo

Technical Observations

* The stock has registered a resolute breakout above the falling channel containing last four months breather signalling resumption of up move and offers fresh entry opportunity

* We expect the stock to maintain positive bias and head higher towards | 44.50 levels in the coming week as it is the 123.6% external retracement of the recent breather (| 43.30-34)

* The base of the recent consolidation is placed at the 20 days EMA (currently at | 35) as can be seen in the adjacent chart signaling positive price structure

* The breakout above the falling channel is supported by strong volume of more than 3 times the 50 weeks average volume of 8 lakhs share per week highlighting larger participation in the direction of trend

* The Weekly 14 periods RSI has generated a buy signal moving above its nine periods average thus validates positive bias in the stock

Buy Orient Hotels Ltd @ 39.00-40.00 TGT 44.50 SL 37.30

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