The stock has been in a down
trend since March. Now it does look like the down side has been capped and a
smart money campaign is in the offing.
During June we saw the down trend
taper off with indications of lack of Supply. Then we saw a classical successful
Test. This was soon followed by a Rally. However the Rally was on low volume
and that did not give us the confidence. The following retracement ended with high
volume up bar indicating strength. A “Effort
to move up bar” followed starting another rally on increased volume. This is a
clear indication that the smart money did have some prior information on the
positive news which would follow and they are ready to start a campaign. Today
we saw a very high volume widespread up Bar which is obviously driven by the positive
news. Clearly looks like the smart money campaign would continue and this
provides a good opportunity. A conservative SL would be 250 and last price
support level would be 243.
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