On the daily chart, V-Guard Industries Ltd. (VGUARD) has taken a support at the lower end of the Wolfe wave pattern and turned upwards suggesting
bullishness building up in the stock.
Further, on the weekly chart, it has taken support at the 127% Fibonacci extension level. A sustained trade above Rs 196 will extend the rise to levels of 207- 216.
The RSI has also turned upwards after forming a positive reversal suggesting higher in the coming trading sessions. The stock can be bought in the range of Rs 191-195 for a target of Rs 207-216, keeping a stop loss placed below Rs 183.
Disclaimer: The author Technical Analyst at YES Securities (I) Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Jul 18, 2018 02:31 pm