Scrip can be aimed for shorter TP resistance also for 470, 500, 520 in less time horizon if bullish momentum continues
Planning to enter at 460-465 price range after further confirmation
Bullish strength affirmation
1) SMA - 15 SMA is above 200 SMA and Price range has gone below 15SMA so for now, there is strength in the scrip movement
2) Cup and handle breakout - The right lip of handle breakout from cup and handle pattern has happened which validates longs for now on weekly chart
3) MACD crossover upwards movement - As marked in chart, Short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) which indicates a bull market on the horizon
4) Trading volume surge - high trading volume is already seen at the end of breakout surge
Sound fundamentals with favorable risk to reward
Price to book value: 1.95
Price to Sales: 1.57
www.screener.in/company/GAIL/
although Q2, FY17 results would majorly impact the momentum
Planning to enter at 460-465 price range after further confirmation
Bullish strength affirmation
1) SMA - 15 SMA is above 200 SMA and Price range has gone below 15SMA so for now, there is strength in the scrip movement
2) Cup and handle breakout - The right lip of handle breakout from cup and handle pattern has happened which validates longs for now on weekly chart
3) MACD crossover upwards movement - As marked in chart, Short-term moving average (such as the 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) which indicates a bull market on the horizon
4) Trading volume surge - high trading volume is already seen at the end of breakout surge
Sound fundamentals with favorable risk to reward
Price to book value: 1.95
Price to Sales: 1.57
www.screener.in/company/GAIL/
although Q2, FY17 results would majorly impact the momentum