The chart shows the bullish outlook for short to medium term. The stock bottomed out on 17/01/2011 @ 151. As per channeling strategy the stock moving in a rising channel with reasonable volumes. Current pullback’s key retracement levels 38.2%, 50% and 61.8% of fall from 300 to 151 are placed at 207, 225 and 240 respectively. Minor bullish breakout and other momentum oscillators are showing good strength for current rise.
Swings are placed positively as am seeing higher high and higher lows on the daily chart.
Development of Inverted Head & shoulder pattern on daily chart validates my outlook. Once the breakout of Inverted Head & shoulder pattern get confirmed then the stock will test my mentioned Target.
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