WTCL Wateen Telecom Limited Analysis 29 March 2013
WTCL Wateen Telecom Upside Pervails
Our Preference: Long positions above 3.83 with target at 4.45 and 5.38 also 6.00 in extention
Alternate Scenario: Downward penetration of 3.83 will cal for 3.64 and 3. 43
NOTE: WTCL is moving in an upward channel on weekly basis and daily basis, today's closing above 3.93 will open new era of bullish trend in WTCL with target at 5.38 as today's closing above 3.93 will once again give entry to WTCL in its daily channel. 3.93 which was becoming a strong resistance for WTCL in last days is now going to become a strong support for WTCL.
WTCL have penetrated its high of previous one year today at 4.35 and posted a high of 4.42 in KSE, also from fundamental side it is getting support from Buy Back news at 4.50 per share from its sponsers which is also going to push it upwards and is becoming supportive element in its bullish trend.
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John Doe
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