Monday, January 11, 2010

Suzlon: Rising Wedge in Place

Back on 22nd Dec 2009: under Post: "Stock Ideas", with this Chart, expecting a price target of 116. The stock is currently at 93.50 (recommended at 84).

There seems the stock is gettin bit cautious, the stock is process of forming a rather Rising Wedge rather than a parallel upward channel. Looks like a good short candidate.The upside for now seems a bit limited. The stock has made intra high of 94.3. But, be cautious, if it reach 116 i would be happy, that been my primary target. However, currently, watch rising wedge, if breaks it can test trendline from top made at 145 in 5th June 2009

Rising Wedge:

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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