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Monday, June 21, 2010

Positive Breakout

ABIRLANUVO has seen a positive breakout (breaching 50 EMA) with a huge volume.







787 was a critical level as it served as support and resistence twice. This level was proved a big support on 24/02/2010 and second time on 19/04/2010. Once this level was breached on 05/05/2010 it was testes twice in second week of May and on 14/06/2010.




The recent fall started on 12/04/2010 and eneded on 07/06/2010 and current breakout stands at the 38%



But two factors that makes it good bet are huge volume and MACD  zero line cross over. So if price sustains this level then we can expect at least 50 % retracement (840)

**So I recommend ABIRLANUVO  at current level for very short term.**