CCNN: Bullish sentiments are on the cards

Proshare

Wednesday, June 17 2015 03.30 AM / Harish Shahi, The Analyst 

A closer look at the daily chart of CCNN reveals that the stock is under the pressure of the bears as they continue to lead. However, we observed that since last week the game has changed and it seems that bulls have snatched the bite from the bear’s mouth. As saw the stock trade up now compare to when it was trading below the moving average.

 

Recently, the stock has given us a valid breakout of 50 EMA line and it’s an early buy call. If stock sustain its level above N11, then we may see further bullish sentiments.

Presently, the stock is trading above the crossed EMA lines which is generating bullish signal. Investors and traders are displaying bullish tendency towards the stock for the time being. 



To View Technical and Interactive Chart with Indicators like MACD, RSI, Stochastic, Moving Average, Bollinger, Williams %R, MFI ... Click HERE

 



 

What Next?
A bullish engulfing pattern along with piercing candlestick pattern, which are purely reversal patterns are generating a pure trend reversal signal so we are expecting that bullish sentiments are on the cards.

 

RSI and CCI both are generating bullish signal from positive territory.  A bullish crossover on MACD indicator is also generating bullish signal.  Intraday bias remains bullish on the stock as long as N10.00 level remains intact. The N13.00 level is key resistance level followed by N14.00 whereas N9.00 can be considered as key support level followed by N8.00 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can go for BUY at N11.04 level and book profit at N12.00 and N13.00; with the stop-loss of N10.00.

The tentative time frame for this recommendation is 7-10 days.


Related NEWS
CCNN declares N632million PAT in Q1 15 result SP N11.59k

 

 

To View Technical and Interactive Chart with Indicators like MACD, RSI, Stochastic, Moving Average, Bollinger, Williams %R, MFI ... Click HERE

For further details, kindly contact
analyst@proshareng.com

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