One look at SCIs daily chart and it looks a perfect buy from each and every perception.
To initiate, it breached the 154-155 barrier today, supported by heavy volumes. 154-155 has been a multiple top resistance in the past one month.
Add to it, the 20 and 50 EMAs have converged positively, along with momentum indicators, MacdH Rsi and stochastics showing significant strength.
On a broader time frame of 9 months, SCI seems to be making higher lows and higher highs consistently, thus giving a tgt of 190-195, if the trend continues.
Weekly charts suggesting that price action, moving avgs, supporting indicators, all exhibiting strength, along with higher volumes.
Also, on the EOD chart, SCI has given a breakout after making an inverted HnS pattern which sets for an immediate tgt of 175.
So, if one has to go long at around 155-158, for an immediate tgt of 170 and a longer term tgt of 190, SCI seems like a sound trade.
Happy Investing !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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payal saaaaaaaaaaa
ReplyDeletestock has formed inverted /head and shoulder pattern
Hi Dhawal
ReplyDeleteYeah it has made an inverted HnS pattern.
Also, since this pattern is made at the bottom of the charts, i.e. after a fall, makes it all the more potent, I believe.
All the more sure, since I realise you have noticed the stock as well on your blog.
Trade safe, and keep blogging !!
Payal.