Bulls halted the southward journey of this airline counter during November 2008, with prices being reduced to a paltry 22. A higher bottom at 24.40 in March 2009 coupled with buying interest a few weeks later alerted of fresh bullish bias in this counter.
Stock rallied but prices were unable to sustain above retracement level of 68 and slipped lower. Weekly chart appended below exhibits that bulls have been defending value area of 40 and with ascending Gann Line too providing support, prices have rebounded there from a few weeks ago. Moving to recent action, though the level of 59 is proving to be a hurdle, with volume graph displaying renewed buying interest, we expect this hurdle to be overcome. Momentum too has been rising steadily and is nearing the bullish zone, indicating that prices may surge higher. Readers are advised to initiate a buy in this counter.
Entry : Buy above 59
Stoploss : Below 55
Target : 67 / 73 / 77
Popularity: 7% [?]
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