The prices of Guarseed have been in a strong uptrend since 1st Apr, 2011 and it rallied to an all time high of Rs 4834 levels as on 28th Jul, 2011.
The price of Guarseed witnessed a corrective move over the past two sessions of trade from its all time highs.
Some of the key technical factors to be noted over here are that the price has corrected to the 23.60% Fibonacci Retracement support levels on its daily charts and it has also formed a two bar bullish reversal pattern at this support levels which Suggests that the corrective move has halted and thus the prices are now ready to rally towards its previous highs.
Hence, we believe that the price of Guarseed will trade with a positive bias over the upcoming few sessions of trade.
We recommend traders to buy 50% between Rs 4486—Rs 4475 levels and again on dips to Rs 4420-- Rs 4400 levels with a stop loss placed below Rs 4367 levels for upside targets of Rs 4575 / Rs 4650 levels.
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