Thursday, June 4 2015 06.35 AM / Harish Shahi, The Analyst
A closer look at the daily chart of Cileasing reveals successively higher highs and higher lows from N0.50 to N0.75 level. The bulls are dominating the bears at every level and heading towards north side. From the technical perspective we can see that a bullish flag pattern has been formed on the chart which shows that further buying is still awaited.
Short term to intermediate term trend is up so in an uptrend market always buy on dips. Investors and traders are displaying bullish tendency towards the stock for the time being.
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Presently the stock is trading above N0.70 level which was a strong key resistance level and the stock has given us a valid breakout of this level which means it will approach the N0.90 and N1.10 level. Two consecutive bullish marabuzo candlesticks are generating bullish signal. The stock is trading above all major and minor EMA lines which are indicating that bulls are in demand and taking charge.
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 neutral to bullish on the stock as long as N0.55 level remains intact. The N1 level is key resistance level followed by N1.5 whereas N0.60 can be considered as key support level followed by N0.50 level.
Based on the charts and explanation above, traders and investors can go for BUY at N0.73 level and book profit at N0.90 and N1.10; with the stop-loss of N0.65.
NB: Return on Investment based on trade idea above does not take cognizance of brokerage commission charges
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