Alstom India (ABBALS): Thrusting out of contracting range… ::ICICI Securities, link

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
• The share price of Alstom India is at the cusp of a major turnaround as it
is emerging out of a long term contracting price range to signal a shift of
larger trend in favour of bulls. The entire price action since mid-2006 till
date has occurred in a contracting range as marked by two converging
trend lines in the adjoining long term price chart
• The stock witnessed a major base formation at the lower band of this
contracting range for over two years from January 2012 to April 2014
before finally lifting off to challenge the overhead trendline in November
2014. The two year consolidation at the support trendline drawn off the
2006 and 2008 lows signalled steady accumulation by stronger hands at
an important price juncture. The resolution past the overhead falling trend
line confirms the shift of larger degree trend in favour of bulls and augurs
well for the stock, going forward
• The entire up move since April 2014 has garnered increased participation
as monthly volumes have consistently shot up over 2x the 12 month
average of 12 lakh shares. Volume expansion in the direction of prices is a
healthy sign indicating larger participation in the uptrend
• Going forward, the stock is set to enter a sustainable uptrend and retrace
its 2010-13 decline (| 899 to | 275) by at least 80%, thereby providing
upsides towards | 770 over a medium-term horizon
• The monthly RSI has emerged above its four year consolidation band and
is in a rising trajectory above the bullish reading of 60 signalling
continuation of positive momentum over a medium-term horizon
*Call has been initiated in i-Click to Gain on December 18, 2014 at 09:38 hrs

LINK
http://content.icicidirect.com/mailimages/IDirect_TechnicalOutlook_2015.pdf