Tuesday, February 26, 2013

IRB Infra

IRB Infra

IRB Infra was in down trend for almost 1 and half year. It tried to bounce back and take a reversal which was failed to achieve.Then stock was in side ways forming a base for a year. Still the the stock is in the same range in which it was trading. For almost 2 months stock is trending down int he same channel making lower lows and lower highs. Now the stock is at upper edge of the downward sub channel.Breaching the level of 98( this is the bottom of the sideways channel in which stock was for almost 1 year) stock may see more lower levels.

Short Term:

Stock is in downward sub channel for almost 2 months inside main side ways channel in which stock was for almost a year. Stock was making lower lows and lower highs for almost 2 months now. Upper edge of this sub channel seems to be at 121.Recent high being 122.3, stock may see more resistance at these levels. Short the stock above 121 with SL at 124 for a target of 100.

Long Term:

Stock have a pattern of moving in a down ward channel and stabilizing for some time and then again moving in down ward channel. If this continues moving in down trend in channels. Next break down could be at 98 levels which is the previous bottom of the stock. If that support breaches stock may see more lower levels.

Due to the positive momentum seen in reforms and market moment, stock may give a break out of these trading ranges and move upwards. Go long on the stock at 100 levels and trail SL once it reach at around 118/120 levels in a month or so. If the recent downward channel breaks above then , stock may see higer levels.140/145/160/210.

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