Is Edelweiss Financial attractive at current market price? Technically, Yes and here's why
Edelweiss Financial has a well defined resistance at 66 on weekly chart
What does this mean? A breakout above 66 can lead to strong breakout momentum move.
The stock this time from highs of 66 has pulled back and seems to be finding support at 100 day moving average. An ideal place from where it can take off.
Here's the Daily Chart
If the stock holds this support and bounces from here, one can look at decent bounce and breakout above 66. Will that happen? - Well technically it looks possible. A close below 100 day moving average would create some short term doubt on the stock. The stop loss should be close below 48
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers