Thursday, January 7, 2010

GNFC: Is it another Havells in making???

GNFC: CMP 115.85
Long Term Bullish:

Bullish Flag Breakout on Stock. It has moved considerably up from 87 level to 115 now. However, been flag breakout, i think good for long term long with SL of 106. Unless there is change in structure, this is major bullish candidate. Plus breakout from flag was followed by volumes. Last two days Doji candles.
Resistance at 121.02: 38.2% retrace

All levels on charts 131 - 140 - 155- 163 are resistances and targets/\.

Based on Elliott Wave Structure, stock has completed wave W and X and is heading for wave Y i guess. Struture looks bearish corrective, but stock has upside potential. 

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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