Renuka Sugar
This stock has some shown a few positive movement technically.
There has been good volume in the stock for the past 5 days.. with the increase in the price as well. Few points i would like to bring into consideration are as follow:-
1) Bullish piercing (candlestick pattern was seen on the 19 dec and 6 jan with good volume.
Bullish piercing is formed when:-
1st day is a long black body.
2nd day is a white body which opens below the low of the 1st day.
2nd day closes within, but above the midpoint of the 1st day's body.
2) The stock and crossed the 50 day simple moving average on 13 jan and the volume was good which indicates that there was no profit booking, because whenever there is profit booking price fall but the stock closed positive...
3) 1 hr chart (can be seen above) shows that good volume took place at the level of 30.50 and 33.50.
4)the MACD and stochastic indicator hav given a positive signal as green line is above red line.
this stock can be hold or a buy call can be given with the target of 34-35 with few sustainable correction.
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