Delivery buy – BURNPUR CEMENT above 9.5 close sl 5.5 target 20-35
holding period 6 month…for more movement one can hold it for long term also.
TECHNICAL READING –
overall price chart indicating that it has just torched the 7 months high today at 9.5 level, so stock giving some indication of its long term trend reversal on chart.
we can also see that chart has formed symmetric triangle pattern on chart and able to break this triangle upside now.
stock very well trading above its 100 MA and 200 MA levels which also indicate that stock is in good up move.
RSI also indicate that it has given a POSITIVE DIVERGENCE signal at recent bottom, and also its has recently given a signal of “NEGATIVE BULLISH CONVERGENCE” at upside.
recent volume actions can also indicate that, recently volume started to increase in this stock with increase in price.
in last trading session it has created DOJI candlestick pattern, so this can indicate that possible trend can reverse from here also, but taking position above recent high only its a better to enter for long position.
so overall chart pattern and signals indicating that taking a long position above 9.5 closing will be better thing to enter.