Go long on Gujarat FluoroChemicals: Way2Wealth

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. 

“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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