Buy Strides Arcolab; target of Rs 1225: Way2Wealth
Way2Wealth is bullish on Strides Arcolab and has recommended to buy the stock above Rs 958 levels with a stop loss of Rs 884 for the target price of Rs 1225 in its research report dated November 20, 2013.
November 20, 2013 / 12:30 IST
Way2Wealth's report on Strides Arcolab
"Strides Arcolab has completed its wave 4 down and wave 5 up has been ensued. The chart (in the pdf) is inching higher in an upward sloping parallel channel which is classic "5 wave Elliott wave pattern". On the monthly charts it had formed a "bullish engulfing candlestick pattern" which is a reversal sign. On the bar charts the same pattern is termed as a "two bar reversal pattern", this pattern has a very strong reliability which means that the probability of success is quite high. Above 958 levels, the stock will provide a breakout from an "inverse head and shoulders pattern" and the minimum price target comes to 1225 levels. The stop loss or reversal is pegged below 885; hence the ideal stop loss will be 884. The momentum indicator MACD is well into buy mode both on the daily as well as the weekly charts," says Way2Wealth research report.Investment Strategy:Buy Strides Arcolabs Limited above 958 levels for the target of 1225 with a stop loss of 884
Risk: Reward = 1:3.60
Risk: 958 – 884 = 74
Reward: 267Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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