This Week Cadilahc LTD(Cash) - Outlook : 18.11.2019
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* Looking at the daily chart, stock has been in a protracted down trend since July, 2017 and in that pessimism stock hit a fresh 52-week low of 206.50 during August 22, 2019.
* Subsequently, Stock rebound sharply however bullish momentum exhausted near 262 and once again stock resumed its down trend.
* However, during the last fall, stock managed to hold its low of 206.50 and formed higher low on daily chart.
* The daily RSI (14) signaled oversold compared to its previous fall.
* On Thursday, stock saw strong buying interest which led to a formation of ‘Bullish Engulfing’ pattern.
* On a weekly chart, last week candle resembles a formation of bullish hammer.
* Considering the above evidences, we advocate trader to buy this stock in a range of 231 to 226. Stop loss should be placed at 212 on closing basis.
* Subsequently, Stock rebound sharply however bullish momentum exhausted near 262 and once again stock resumed its down trend.
* However, during the last fall, stock managed to hold its low of 206.50 and formed higher low on daily chart.
* The daily RSI (14) signaled oversold compared to its previous fall.
* On Thursday, stock saw strong buying interest which led to a formation of ‘Bullish Engulfing’ pattern.
* On a weekly chart, last week candle resembles a formation of bullish hammer.
* Considering the above evidences, we advocate trader to buy this stock in a range of 231 to 226. Stop loss should be placed at 212 on closing basis.