• The stock is showing positive bias for the short term to long term; the above “Weekly chart” of “Suven” is showing bullish evidences as per Japanese candle stick, western technicals and Elliot wave perspective.
• Price has validated the “Hammer” candle pattern on monthly chart (moved above Previous month’s High) which is confirmation of bullish reversal, and also price has completed its throwback fall and started to move up.
• Stock has bottomed out at 155 which is end of “wave iv” and price has reversed from the lows and provided a breakout of contracting triangle some time back. In addition RSI is placed with positive bias.
• Wave wise major “wave iv” has ended at the low of 155 and from there the stock has begun the new major bullish leg i.e. “wave v” which could initially head towards 249 and then 337 levels (The levels are below previous key swing high & life time high).
• So traders can buy the stock between CMP to 195 with the stoploss of 187 on closing basis for the targets of 249 - 337.
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