Technical Pick of the Week #2 - CE Info System

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Price Action Analysis:

The stock took support from the crucial 1700-1800 zone. This bounce was supported by volumes. It made a reversal candle on the weekly chart which indicates a start of bullish momentum.

Moving Average:

The stock has moved above the 50 and 20 EMA in the last few trading sessions. A buy trade can be initiated and position can be added if stock trades around 20 EMA again.

Bollinger Bands:

The stock sits at the lower band of the Bollinger which indicates a support. The middle band is at 1980-1990 zone which will act as a resistance in the upcoming weeks.

 

Mool’s Outlook:

We anticipate a target of 2350 in the stock in the next 6 months, which reflects a 26% upside in the stock.

Stop Loss should be maintained at INR 1680.

Multiple technical indicators are displaying strong bullish signals for the stock, indicating a powerful upward momentum.

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