ACC - Technical Recommendation - Equentis Capital

ACC has been trading in downward direction for last few trading sessions. The stock prices are finding good support near 1280 - 1300 range.

Stock prices are trading in downward channel. On daily chart prices are finding breakout in upside above 1329 range. Last candle on the charts is bullish spinning top candle followed by previous bullish engulfing candle confirms trend reversal; prices may face some fresh buying from current levels. Buy signal will generate above 1330, stock prices made recent low of 1286.

Decent and sharp impulsive move of 3 - 5% expected in near term above 1330. Prices had given good distribution in its corrective wave from 1452 to 1286.

Daily Strength of the stock is in negative zone and providing bullish cross over, velocity indicators are in bullish cross over and indicating positive divergence suggesting up move from current levels. Trend indicator is supporting buying in the stock for short to near term.

BUY ACC (CMP 1333.10) at 1330 and add more above 1350 keep Stop Loss below 1299 targets 1373 - 1416.

Concern: If prices sustain below 1280 range then fresh Sell Positions may initiate in the stock at 1280 for the target of 1230 - 1175 with stop loss of 1300.

Source : Equity Bulls

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