MLCF Maple Leaf Cement Analysis 24 April 2013
MLCF Upside Prevails
Our Pivot: 17.38
Our Preference: Buy MLCF 18.00 with a strict stop loss of 17.38 and profit target at 19.24 and and 19.89 with extention towards 20.56 and 24.02
Alternative Scenario: Downward Penetration of 17.38 will call for 16.36
NOTE: MLCF is moving in an upward channel and yesterday have have generated a bullish engulfing pattern in daily candle which will support its bullish trend , but can face a short term or intraday resistance at 19.24 where it will be caped by a downward trend line. All mid term Indicators like RSI, MACD and Stochistic have a much better capicity to support upward trend.
Recommendations:
For New Entries ( Buy above 18.00)
For Existing Buyers ( Hold till 19.24 and 19.89)
Daily Chart with Supports and Resistance:
3 COMMENTS
John Doe
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