For the last 3 weeks I haven't been able to find time to update my blog and I should thank my investor for it. The reason being, he introduced me to Forex & Commodity segment and that has been keeping me really busy in understanding the charts, dynamics of the market etc
It has been quite rewarding so far and I'm very passionate about the way the market follows the Elliott wave round the clock
Coming back to Orissa Minerals this chart had been very bearish and had been sliding down for many weeks infact from Aug till Nov.
If one has to look at the chart, it has formed a diagonal triangle in the corrective phase and has shown signs of movement upward
I'll share some technical details along with Elliott wave analysis for this stock
In the above mentioned chart, the corrective phase of Elliott wave has given a diagonal formation which has received support just below 61.8% retracement levels
short term target i.e. for next 2 to 3 months I strongly recommend a buy at current levels for a target of close to 4980 to 5000
Technical Indicators
Coppock Indicator
For this particular stock Coppock Indicator is pointing upward towards zero and that shows that Orissa Minerals may start moving upwards
References
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:coppock_curve
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