BIRLACORP has bottomed out in the charts.
I have been following this stock since Rs. 452. 1) The beautiful RSI positive
divergence near the bottom was the first indication of a bottom after RSI went
oversold. Usually such signals help identify horses for long term. The last
time one such signal turned up was in the charts of Balrampurchini.
2) The formation of higher lows is
another indication of an uptrend forming. The stock has moved up almost 10% in
the last two trading sessions alone.
3) Another positive factor is that the
volume picks up during uptrend in the stock.
4) RSI has also undergone range shift and
is oscillating in the range of 70-40 instead of 60-sub 30 levels.
5)Pitching for early target of 680, this
stock held the support of 491 very strongly during the correctionary
phase before spurting ahead in last two sessions.
