Technical Positional Pick - Buy Edelweiss Financial Services Ltd For Target Rs. 85 - HDFC Securities
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Technical Positional Pick - Buy – Edelweiss Financial Services Ltd For Target Rs. 85 - HDFC Securities
The attached weekly timeframe chart of Edelweiss Financial Services Ltd indicate a sharp upside bounce since last week.
The down trend of the last two months (Dec-20 to Jan 21) has been completed and the stock price seems to have formed an important bottom reversal at Rs 61.20 in the week before last. This is positive indication.
The recent bottom reversal has occurred at the intermediate trend line (connected from previous two bottoms) support of around Rs 61.50 in the last week.
We observe a larger degree of positive chart pattern like higher highs and higher lows. The recent swing low of Rs 61.20 could be considered as a new higher bottom of the sequence.
One may expect further upside in the near term. The overall chart pattern of EDELWEISS indicate long trading opportunity.
One may look to create a positional long as per the levels mentioned above.
Buy Edelweiss Financial Services Ltd Up to 3 months @ 69.75-64.50 CMP 68.85 TGT 85 SL 63
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