WAPCO: Risk-free buying is going on, just buy it

Proshare

 

Monday, July 13 2015 09.30AM / Harish Shahi, The Analyst 

 

A closer look on the daily chart of WAPCO reveals that stock is making successive higher highs and higher lows and heading towards upside. A massive bullish storm can be seen in the stock with totally bullish sentiments. An uptrend line is also lying on the chart which is providing strength to the bulls and bulls are rising up by taking support of this line. Our intraday to weekly bias remains bullish on the stock as long as this line remains intact. 

 

Every swing is making high as compare to previous swing which is providing strength to the bulls. Bulls are doing very well from starting onwards; they started their journey from N75 level and arrived at N110 level. The way bulls are reacting seems that they are approaching the N110 level.

 

Short terms to intermediate trend are up and in an uptrend market, always buy on dips so we are waiting for the next dip where we can initiate our buy position. Investors and traders are displaying bullish tendency towards the stock for the time being.  Presently, stock is trading above major and minor EMA lines which is generating further bullish signal.



 

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

 



 

What Next?

A bullish marabuzo candlestick along with bullish engulfing pattern candlesticks are generating totally bullish signal and we may see further bullish momentum.  Both RSI and CCI are providing further bullish signal from positive territory.  Intraday bias remains bullish on the stock as long as N95 level remains intact. The N110 level is key resistance level followed by N120 whereas N90 can be considered as key support level followed by N80 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can buy the stock at current market price of N102 for the target price of N110 and N115 with the stop loss of N95 level. The tentative time frame would be 6-8 days.

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


Related NEWS

WAPCO Bulls are on the rocks - 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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