Exide (EXIIND): Entering a new bull phase… ::ICICI Securities, link

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• The auto ancillary space was the toast of the Street in 2014. Investors
who lapped up auto ancillary stocks were rewarded handsomely as many
stocks produced multi-fold gains and are still going strong. Exide
Industries is one of the late movers from the auto ancillary space as the
stock began picking up steam towards the second half of 2014. The share
price resolved to fresh life-time highs during September 2014, thereby
signalling the end of four years of consolidation and the start of a new bull
trend
• Structurally, the entire horizontal price action since November 2010 in the
price band of | 175-105 panned out precisely above the 50% retracement
of its 2009-10 upsurge (| 34-175) highlighting accumulation at lower
levels. While the rally during 2009-10 panned out over 18 months, the 48
month corrective phase from late 2010 to mid 2014 could retrace the
preceding rally by only 50% price wise. Elongated time correction and
limited price correction form the key feature of a positive price structure
from a long term perspective
• Post the recent resolve above its 2010 peak (| 179) we expect the stock to
enter a sustainable uptrend in the coming year and head towards | 245
being the measuring implication of the four trading range (| 175-105=70
points) projected above 2010 highs of | 175
• The trading volumes during the price breakout above life-time highs and
in follow up over past few weeks have remained above their 24-month
average (3.5 crore shares) suggesting growing appetite to own the stock
*Call has been initiated in i-Click to Gain on December 18, 2014 at 10:54 hrs

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