Stock Picks - Buy Trent Ltd For Target Rs. 1120 - ICICI Direct
Technical Observations
* The stock is in strong up trend forming higher peak and higher trough in all time frame. It has generated a bullish flag breakout signaling continuation of the up move and offers fresh entry opportunity
* We expect the stock to accelerate its current up move and head towards | 1120 levels as it is the 161.8% external retracement of the last two weeks breather (| 1050-953) placed at | 1120 levels
* The stock has witnessed a faster retracement of the last falling segment as eight sessions decline (| 1050-953) was almost completely retraced in just seven sessions
* The stock is seen rebounding taking support at the 10 weeks EMA (currently at | 955) which has acted as strong support in the entire up move since June 2020 signalling a positive price structure • The daily MACD is in up trend and is seen diverging from its nine periods average thus validates positive bias
Buy Trent Ltd @ 1010.00-1025.00 TGT 1120 SL 948
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