Orient paper is showing strength by entering into all time high levels. The price movement is supported by volume which is most important. The price has consolidated nicely in the zone of 35-50 levels for almost 1 year now. This consolidation near all time high level zone gives additional confidence and price getting support and is ready to move higher. The moving averages are nicely aligned indicating trend. Paper stocks are showing strength which is good sign for gaining additional confidence. Based on the Fibonacci levels 65 and 90 are the levels where some profit booking can be seen. based on the height of the base formed for last 6 years levels of 75 can be seen. In all 65, 75, 90 are the levels as targets and Stop loss based on appetite can be below 42 on weekly closing basis
Enjoy the move and hope you are making most of it by learning how the momentum stocks show strength :) Happy trading and have a nice profitable week ahead ;)
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Hi everyone,
Hope you are gaining from this analysis :) script is up 16% today and is just showing strength ;)