Custodyins: Roller coaster moves are ongoing

Proshare

Monday, June 15 2015 03.35 AM / Harish Shahi, The Analyst 

A closer look at the daily chart of CustodyINS reveals that many roller coaster moves are ongoing or in other words both bulls and bears are fighting to have the winning tag. On the last trading session we have saw some bullish sentiments and a marabuzo candlestick has been posted on daily chart.

Presently, the stock is trading between the crossed moving average minor EMA lines and generating totally neutral sentiments for the time being. Short term to intermediate term trend is up so buy on dips should be appreciated.  Investors and traders are displaying bullish tendency towards the stock for the time being.  Well this is an early call but we will get further bullish confirmation above N4.20 level.



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What Next?
From intermediate prospective the swings are making successively higher highs and higher lows which means buyers should not be worried. We are optimistic that the stock will perform better above N4.20 level.

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 N3 level remains intact. The N4.40 level is key resistance level followed by N4.90 whereas N3.60 can be considered as key support level followed by N3.20 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can go for BUY at N4.00 level and book profit at N4.40 and N4.80; with the stop-loss of N3.60.  The tentative time frame for this recommendation is 5-7 days.

Related NEWS
CUSTODYINS declares N1.5billion PAT in Q1 15 result SP N4.14k

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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