GIC Housing (GICHOU): Resolve past three year consolidation ::ICICI Securities, link

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• The stock has emerged out of a three year consolidation in 2014 to mark
an end of the secondary correction and resumption of the long term up
trend. The resolve past three years consolidation has set the tone for
continuation of price momentum into the coming year, thus offering a
decent investment opportunity
• The long term price chart of GIC Housing represents a well established
uptrend as the stock moves northwards in a rising peaks and troughs
manner while respecting its long term trendline originating way back
since 2001. The corrective decline during 2011 got arrested at the 61.8%
retracement of the 2009-10 rally (| 23-136) placed around | 60, which was
in close proximity to the long term trend line
• While the 2009-10 rally was swift and took only seven quarters to pan out,
the subsequent correction consumed double time (14 quarters) before
resolving past the 2010 peak. Such price/time behaviour is the hallmark of
a structural uptrend and augurs well for the stock, going forward
• The current bullish momentum is expected to pan out over next several
quarters offering a decent opportunity to ride the expected uptrend. We
expect the stock to travel towards | 255 being the 161.8% extension of
the 2012-13 up leg (60-147) as projected from 2013 lows of | 77
• The strong momentum as exhibited by price is also corroborated by the
long term monthly MACD indicator, which has moved into the positive
territory above its trigger line signalling continuance of the uptrend
* Call has been initiated in Click to Gain on 15th December 2014 at 14:11 hrs
LINK
http://content.icicidirect.com/mailimages/IDirect_TechnicalOutlook_2015.pdf