Bottoming out formation in BIRLACORP. CMP-Rs.555, Headed for Rs. 680+
BIRLACORP has bottomed out in the charts. I have been following this stock since Rs. 452. 1) The beautiful RSI positive divergence near the bottom was the first indication of a bottom after RSI went oversold. Usually such signals help identify horses for long term. The last time one such signal turned up was in the charts of Balrampurchini.
2) The formation of higher lows is another indication of an uptrend forming. The stock has moved up almost 10% in the last two trading sessions alone.
3) Another positive factor is that the volume picks up during uptrend in the stock.
4) RSI has also undergone range shift and is oscillating in the range of 70-40 instead of 60-sub 30 levels.
5)Pitching for early target of 680, this stock held the support of 491 very strongly during the correctionaryphase before spurting ahead in last two sessions.