Metals look very strong
Fib Analysis- The stock has given a breakout on the monthly charts. This is again after a decade of consolidation. Hence I will term this as significant. On the daily charts the recent dip to 136 was 38.2% and was an early sign to enter. Since it has a long way to go I reckon it still is a good buy.
RSI- the oscillation of the RSI has now changed from bear to bull. It is topping above 70-75 and taking support above 40-45 . RSI above the MA crossover is very very positive.
Volume- The rise is supported with volume again positive.
MA- any dip to the two shorter MA's will be an opportunity to buy.
Conclusion- Buy at CMP187, its first good resistance is at 260 , my first target is 400.
RSI- the oscillation of the RSI has now changed from bear to bull. It is topping above 70-75 and taking support above 40-45 . RSI above the MA crossover is very very positive.
Volume- The rise is supported with volume again positive.
MA- any dip to the two shorter MA's will be an opportunity to buy.
Conclusion- Buy at CMP187, its first good resistance is at 260 , my first target is 400.
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