positional call – buy UBL above 810 closing sl 725 target 930-1050
3 month holding
technical chart reading – as per the chart reading we can clearly see that stock has created symmetric triangle pattern on chart and given a breakout today, this triangle is having width of 300-350 rs. so if able to close above desire level then we can see up move in this.
another thing to see is rsi also able to move above its resistance level with the stock price so rsi still having scope for a moving into the overbought zone again.
it has also given a signal of POSITIVE CONVERGENCE on chart so we can see up move in coming days.
as per the candlestick pattern it has created a BULLISH ENGULFING pattern on chart on 4th sep. 2013 so if it able to give close above this high level in coming days then we can surly expect some up move.
so overall condition tell us that if price give upside confirmation then stock is setting for higher moves in coming days.