Technical Pick – Ceat Ltd
• Ceat Ltd is finding support at 1722 and resistance above 1745.
•On Daily chart, Ceat Ltd is showing breakout point above 1745 level.Break and sustain above 1745 will see nonstop rally till 1770--1788++ in weeks to come.
•Ceat Ltd has been trading in a broader range of 835--1948 for last one year.
•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 1770--1788+++mark in coming weeks.
For positional trade, stop loss seeing below 1722 on closing basis which in unlikely to breach in near terms.
Trading Recommendation (6th Oct 2017)
Buy Ceat above 1745 and for the initial upside target of 1770--1788++ mark with stop loss below 1722 on closing basis.
More will update soon !!
