July 05, 2016
Aban Offshore (NSE Cash)
BUY
` 210
` 228 - 225
` 260
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 11:25 IST)
Justification:
Post the sharp correction from `920 to `143 levels, the stock has been consolidating in a sideways direction
from last few months. The ongoing consolidation of last eight months has resulted into formation of ‘Inverse
Head & Shoulder’ pattern on daily chart. Today, we are witnessing breakout from the same with huge volumes,
which is a healthy sign for the counter. At the same time, we are observing formation of ‘Higher Highs Higher
Lows’ on weekly chart for the first time in last three years, indicating bullishness as per ‘Dow Theory’. The ‘RSI -
smoothened’ oscillator is also placed positively both on daily and weekly chart, indicating strength in the
counter. Considering the above technical evidences, we are expecting healthy up move in the counter. Thus,
traders are advised to buy the stock at current levels and on declines upto `225 for a target of `260. The stop
loss for the trade set-up can be kept at `210.
1
July 05, 2016
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Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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