CONTINSURE: Bulls are making the base for next fly

Proshare

Friday, June 19 2015 09.10 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of CONTINSURE reveals that bulls are dominating the bears from the start of the journey from N0.80 but after reaching at N1.05-1.00 level we saw some consolidation phase where no one was moving on either side.

Yesterday, we also saw a bullish marabuzo candlestick which is providing bullish signal. An uptrend line is also lying on the daily technical chart which is generating a signal.

The way bulls are reacting as that they are approaching the N1.20 and N1.50 level. Presently, stock is trading above the crossed EMA lines which is generating bullish signal while investors and traders are displaying bullish tendency towards the stock for the time being. 

 



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What Next?

A rising wedge pattern has been posted on daily technical chart which is generating bullish signal and it is trading above moving average so we are expecting that this time bulls will break the N1.10 level in near term.

Both RSI and CCI 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 N90.00 level remains intact. The N1.10 level is key resistance level followed by N1.30 whereas N0.90 can be considered as key support level followed by N0.80 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can go for a BUY at N1.02 level and book profit at N1.35 and N1.55; with the stop-loss of N0.90. The tentative time frame for this recommendation is 7-10 days.

NB: Return on Investment based on trade idea above does not take cognizance of brokerage commission charges

 


Related NEWS

Continsure Look Forward To A Mind Blowing Rally Till N1.20 Level – Proshare


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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