Dec 04, 2012, 11.51 AM | Source: Moneycontrol.com
Way2Wealth has come out with its report on Gujarat FluoroChemicals. The research firm recommends initiating longs in this stock for targets of Rs 459-602 with a stop loss of Rs 302.
, Way2Wealth |
“Gujarat FluoroChemicals appears to have completed its wave E down of the triangle with a mild throw under. The rise since the bottom of 303 also appears to be a five wave structure which further confirms that the low of 303 is an intermediate bottom. The momentum indicator MACD has provided a buy crossover on the daily charts which is also supporting the bullish view. Now, if this is a triangle then the initial target is the previous intermediate swing high i.e. 602.”
“On the contrary, if this a leading diagonal pattern then there will be a short covering or bounce back till 50% to 61.8% retracement of the fall from 602 303 and that comes to 456 and 492 respectively. In both the case bulls have an upper hand in the short medium term, so we recommend initiating longs in this stock for the targets of 459-602 with a stop loss of 302.
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