Wanbury

We recommend a buy in Wanbury from a short-term horizon. The stock has been on an intermediate-term uptrend, forming higher peaks and higher troughs, since March low of Rs 24. Following a corrective decline from August high of Rs 96, the stock found twin support around Rs 65. Subsequently the resumed the uptrend. It is trading well above 21-day and 50-day moving averages. On October 23, the stock gained 5 per cent. The daily relative strength index has entered the bullish zone and weekly RSI is also featuring in this zone. Daily and weekly moving average convergence and divergence indicators are in the positive territory. Considering that the stock’s intermediate-term uptrend-line is intact, we are bullish on a short-term perspective. We expect it to hit our price target of Rs 91. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 79.

via BL

Wanbury

We recommend a buy in Wanbury at current market price. From the weekly chart of Wanbury it is clear that it has been on a steady long-term uptrend since the March 2007 low of Rs 99.

However, the stock met with a significant long-term resistance at Rs 155 level in early November and began to move sideways. Following a month’s sideways consolidation, the stock is once again testing this resistance level. The stock is currentl y trading well above the 21-day and 50-day moving average line.

The daily and weekly momentum indicators are featuring in the bullish zone. Steady rally in the moving average convergence divergence indicator is a bullish sign. The immediate support for the stock is at Rs 140 level and the next support is at Rs 125 level.

Moreover, the long-term uptrend is intact. We expect the stock to break through the current resistance and move up to Rs 175 in the short-term. Short-term investors can buy the stock with stop-loss at Rs 138.

via BL

Wanbury Ltd

Wanbury Ltd