This Week Bharatforg LTD(Cash) - Outlook : 18.11.2019
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* After posting a fresh 52-week low of around 376; stock has seen sharp rally till 486.80. However, the last swing move was failed to confirm by RSI (14) momentum indicator which signaled bearish divergence on daily chart.
* The impact of such development seen of late as stock nosedived sharply.
* Subsequently, the fall got arrested near 420 as said level precisely coincided with its previous
resistance zone which reversed its role post breakout along with the lower band of rising
channel pattern.
* The daily RSI (14) found support near 40 and heading northward.
* Despite the sharp fall, daily 9-45 EMA on price is positive.
* Combining the above technical evidences, we advocate traders to buy this stock in a range of
440 to 425 with a price target of 490 and 530.
* The impact of such development seen of late as stock nosedived sharply.
* Subsequently, the fall got arrested near 420 as said level precisely coincided with its previous
resistance zone which reversed its role post breakout along with the lower band of rising
channel pattern.
* The daily RSI (14) found support near 40 and heading northward.
* Despite the sharp fall, daily 9-45 EMA on price is positive.
* Combining the above technical evidences, we advocate traders to buy this stock in a range of
440 to 425 with a price target of 490 and 530.