Provogue

Investors with a short-term trading perspective can buy the stock of Provogue India. This stock is in a strong uptrend since the low of Rs 41.4 recorded on May 26. It has recorded only three negative daily closes since this trough.



Key medium-term support for the stock is in the band between Rs 40 and Rs 45. That the stock is reversing higher from this support band denotes that the current rally can extend a little further.

Momentum indicators have moved into the bullish region. Daily moving average convergence divergence oscillator is poised above the zero line and so is the 10-day rate of change oscillator. The 14-day relative strength index is almost reaching the overbought region at 69. The stock is currently present in the island between its 50 and 200-day moving averages.

Chart pattern formed over the last two sessions appears to be a running correction that implies a strong bullish undercurrent and the possibility of a break-out higher in the short-term.

The stock can move higher to Rs 54.5 or even Rs 56. Stop-loss suggested for traders is at Rs 51.5.

via BL