This is weekly chart of PVR with CMP @ 1404.80. This scrip is looking good for long term investment because of following observations:
1. Price has been following a trend with multiple support on trendline drawn on the chart since July 2012.
2. Counter trendline has been drawn as shown on the chart. However, counter trendline has not been decisively broken but overall tendency is indicative of clear upside bias. Moreover, price has opened this week above counter trendline and sustained till now. In order to make right entry to minimise the effect of fake b/o, it will be prudent to enter above 1441.
3. MACD clearly shows bullish view.
4. Price is trading above EMA20 & 50.
4. Stop (initial) can be considered at 1226 (below swing low) and ride the trend ( review the trailing stops from time to time as price goes up).
1. Price has been following a trend with multiple support on trendline drawn on the chart since July 2012.
2. Counter trendline has been drawn as shown on the chart. However, counter trendline has not been decisively broken but overall tendency is indicative of clear upside bias. Moreover, price has opened this week above counter trendline and sustained till now. In order to make right entry to minimise the effect of fake b/o, it will be prudent to enter above 1441.
3. MACD clearly shows bullish view.
4. Price is trading above EMA20 & 50.
4. Stop (initial) can be considered at 1226 (below swing low) and ride the trend ( review the trailing stops from time to time as price goes up).