Technical View – Lotus Eye Care Hospital Ltd.
• Lotus Eye Care Hospital is finding support at 26 and resistance above 37. On Daily chart, Lotus Eye Care Hospital is having breakout point above 37. Break and sustain above 37 will see nonstop rally in lotus Hospital till 48++ in weeks to come.
• Lotus Eye Care Hospital, has been trading in a broader range of 14-39 for last one year.
• Daily 14 period RSI has turned up from near levels. As per the bullish high low theory of 40-70 levels, the daily RSI is expected to move up to 70- 75 levels from the current reading of 64. This could mean Continuation of upside momentum in the stock price ahead possibly a breakout also this time.
• MACD too has given the positive crossover (Buy signal) which indicates that upper side seems certain in it.
• Traders don’t go for aggressive or positional selling at all because trend looks positive and we expect rally to remain continue till 48+++mark in coming weeks. For positional trade, stop loss seeing below 26 on closing basis which in unlikely to breach in near terms.
Trading Recommendation
Buy above 37 and for the initial upside target of 48++ mark with stop loss below 26 on closing basis.
More will update soon!!
