Unitech
Unitech looks getting ready for a move from its previous trend. Stock have been in negative mood from 2008. However there are some short bounces. For investor who entered the market in 2008 have not been come yet in this stock. Weekly chart shows the range which give us the signs of trend change only after coming out of the pattern.
For medium to short term. Unitech can be bought at CMP as we have seen +ve divergence on RSI.Stock also found support at 78.6% of its last raise. There is a chance that stock can bounce till upper end of the channel and till 28 levels if the channel breakout comes there after. 200SMA & 50 SMA are getting converged together. If this does not happen then stock may fly to earlier recent highs of 38 levels as well. Keep 14.45 as strict SL for target of 28 and then trail to see 38-40 levels.
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Unitech looks getting ready for a move from its previous trend. Stock have been in negative mood from 2008. However there are some short bounces. For investor who entered the market in 2008 have not been come yet in this stock. Weekly chart shows the range which give us the signs of trend change only after coming out of the pattern.
For medium to short term. Unitech can be bought at CMP as we have seen +ve divergence on RSI.Stock also found support at 78.6% of its last raise. There is a chance that stock can bounce till upper end of the channel and till 28 levels if the channel breakout comes there after. 200SMA & 50 SMA are getting converged together. If this does not happen then stock may fly to earlier recent highs of 38 levels as well. Keep 14.45 as strict SL for target of 28 and then trail to see 38-40 levels.
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