Bullish upside coming

4 thg 7

The formation of the larger falling wedge is pointing toward a potential reversal pattern ahead and though MACD is showing a downtrend, the price chart selling was rather weak hence, I would think that the upside is coming. Price action-wise, the bullish engulfing on Tuesday was followed through with higher prices on Wednesday itself before the market closed for its Trading holiday. This signals confidence in the bullish pressure for the stock.

Indicator wise, stochastic oscillator is showing crosses above the 20-level, indicating momentum building up. ROC has broken above the zero line.

Maintain buy at spot at 448.18 or pullback to 439.87.