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STOCK TRENDZ - Technical Picks

OCTOBER 6, 2010

DAILY CHART The stock has been in broader sideways pattern having a strong resistance at 92 levels which was breached decisively with a big white candle and was also accompanied with volume spike. The price after a breakout above the resistance line give a small throwback which was absorbed by the bulls as it can be seen in the chart above. The MACD indicator has already given a bullish crossover and is above the trigger line whereas the RSI is also in bullish mode trading above the 70 levels. The overall indicators are in sync and one can be long with the said target.

NOTES: • Once the call is initiated, mentioned Stop Loss should be put for the trade • Once into position, put trailing stops to preserve your profits

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