LAWUNION: Bullish storm is going on; enjoy the rally

Proshare

Thursday, December 10, 2015 09.00 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of
LAWUNION reveals that stock is moving up consistently and is making successive higher highs and higher lows. It seems the bulls are beating the bears black and blue and dominating them at every nook and corner. Stock has constantly moved up from N0.50 to N0.62 level and still generating further bullish signal.

The recent bullish storm came after so long time. Before that, the bulls and the bears were trapped at the consolidation phase but recent bullish breakout has opened the way towards the N0.70 level in short term.

Bulls are driving the car and they are in full control, they are not ready to settle down for the time being as they are approaching N0.70 level in short term. Well this is an early buy signal, we will receive further bullish signal once stock trades and settles above N0.70 level and short to intermediate term trend will be bullish.

Presently, stock is trading above all major and minor EMA lines and
a golden crossover of moving average where 50 period moving averages is crossing up the 200 period moving average.

This will provide further presence of buyers and will provide more strength to the bulls as it could trigger acceleration to the upside with N0.70 as next target.

All odds are in favor of the bulls and indicating a bullish signal. Both investors and traders are displaying bullish tendency towards the stock for the time being, they will get more aggressive once it trades and settles above N0.70 level.



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What Next?
Three consecutive bullish marabuzo candlesticks in the form of three white soldier price pattern is generating bullish signal for the time being.  A bullish crossover on MACD indicator is also favoring the bulls. Both RSI and CCI indicators are providing bullish signal from a positive territory.

Intraday bias remains bullish on the stock as long as N0.50 level remains intact. N0.64 level is key resistance level followed by N0.70 while N0.55 can be considered as key support level followed by N0.50 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can buy this stock at N0.64 level for the target of N0.70 and N0.80 with tight stop loss of N0.50 level. The tentative time frame would be 10-12 days.

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

Related NEWS

LAWUNION declares N564.54 million PAT in Q3 15 Result SP N0.52k - 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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