PICK OF THE WEEK: COLPAL (NSE)
9th December 2019
- On a weekly chart, after given breakout of its upper band of “Rising Channel Pattern” formation and recently the stock has taken support of the same which indicates bounced back movement in the counter
- Moreover, after a healthy correction from its All-time high, the stock has taken a support at 1439.89 level which is a 38.20 % Retracement level of its previous up move from 1111.95 level to 1642.60 level which show robust upside movement in the Stock.
- Furthermore, the stock is trading and sustaining above its “21 & 50 Weeks Simple Moving Average” which signifies positive rhythm in the stock.
- On a daily chart, the stock has taken strong support of its “Previous Bottom” which is placed at 1446 level which shows a bounce back movement in the counter.
- A daily momentum indicator RSI’s reading is at 46.88 level and about to make a positive crossover, apart from this, the RSI has taken strong support of its Horizontal Trend Lines which points out for a positive breath in the counter.
- Based on the above technical structure, we are expecting an upside movement in the COLPAL in a few trading sessions.
Our Recommentation is to