Weekly Call - Buy CAIRN above 335 for the short term to medium term target of 360/378, keep SL @ 322
Outlook - The stock formed head and shoulder reversal pattern which is a bullish pattern on the weekly chart. The stock has given a breakout from the neckline resistance level of 328 indicating short term to medium term trend is positive. The momentum indicators such as MACD & RSI on the both weekly & daily chart confirms the CAIRN would continue to maintain its uptrend. The stock has been trading within the rising channel with steady volumes on the weekly chart suggesting that the uptrend will continue. The stock is likely to remain uptrend and it can move towards 353/360 in near term. Above 360, it could test at 378. On the downside, the short term key support will be at 322/318.
Outlook - The stock formed head and shoulder reversal pattern which is a bullish pattern on the weekly chart. The stock has given a breakout from the neckline resistance level of 328 indicating short term to medium term trend is positive. The momentum indicators such as MACD & RSI on the both weekly & daily chart confirms the CAIRN would continue to maintain its uptrend. The stock has been trading within the rising channel with steady volumes on the weekly chart suggesting that the uptrend will continue. The stock is likely to remain uptrend and it can move towards 353/360 in near term. Above 360, it could test at 378. On the downside, the short term key support will be at 322/318.
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