The stock of Sical Logistics surged 6.6 per cent with above average volume on Wednesday, decisively breaching its 200-day moving average as well as an immediate resistance at Rs.164. Investors with a short-term horizon can consider buying the stock at current levels. After retracing up to 61.8 per cent of the Fibonacci retracement level of prior uptrend, the stock found support at around Rs.150 in late August, and started to move up.
The recent break above the immediate resistance level at Rs.164 is showing signs of bullishness. The daily relative strength index is moving higher in the neutral region and is on the brink of entering the bullish zone. The price rate of change indicator on the daily chart hovers in the positive terrain implying buying interest. The stock can continue to move higher and reach the price target of Rs.173.5 and Rs.176.5 in the ensuing trading sessions. Buy the stock with a stop-loss at Rs.163.
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