The IDEA Cellular stock which touched a high of Rs 150 before the Jan Crash, has consolidated well in the Rs. 100 and Rs 110 range for the past few days...
Moreover there has been a marked increase in volume at around Rs 100/-levels suggesting accumulation.
Expect a break out beyond Rs 112/- to give you a short term target of Rs 135 and a medium term target of a re-test of Rs 150 levels. Keep a stoploss at Rs. 99/-..
You will also observe that the MACD has gone in to positive territory and the price formation itself is creating an ' Inverse H & S' pattern which is a trend reversal pattern.
Happy investing!
CA Rajiv D Khatlawala
2 comments:
Rajiv,
Please also explain the method of arriving at
"Keep a stoploss at Rs. 99/-.. "
Dear Sir,
Would you pls revise Idea w.r.t the recent fall in the market,though it has been strongly unscathed by the recent sell off.
Regards,
Neil
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