As can be see from the chart above, Idea Cellular has been taking support from the upward black trendline drawn on the chart above for last 3 years.
Going by the count of the number of times it had taken support from this trendline, it has taken support at this trendline 4 times in last 3 years, and according to the theory this enhances the importance of this trendline.
This stock made its all time high at Rs161 in month of October 2007 and if HDFC sec take 55% of it (which is a important Fibonacci number) it comes to Rs72 and in last few trading sessions accumulation is witnessed at this level.
The 9-day MACD had started trading above its moving average, which is a bullish indication. The 14-day RSI had started trading above its moving average and which is good signal. The 10 day ROC had started trading above ‘0’ level and which is a positive sign.
Buy Idea Cellular between of Rs80 and Rs76 for a price target of Rs87 in 10 days keep stop loss of Rs74 on the closing basis.
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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.
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