Disclaimer: Kindly note that the calls are slightly delayed by 3 - 14 days as it will be published internally before posting to seekingalpha. My apologies.
Date of original posting: 8th Oct 2015
· Consolidation over the last 6 weeks with a possible higher bottom near $98
· MACD is also showing possible signs of bullish divergence
· Short term downtrend seems to be over with steepest resistance line taken out
· Tested 200 days EMA ($104.40 - $104.60) on multiple occasions and closing above it might trigger a strong breakout à Though slightly premature but the probability is looking increasingly possible
· Daily fan of resistance lines (Red & Green Line) broken à Negating the strong short term bearish biasness
· For clients looking at this counter/sector for exposure àAccumulation $101.50 - $102.80
· For trading clients à Can be aggressive and adopt breakout trading above $104.60 closing
· Immediate resistance R1 @ $112.75 (11% upside), R2 117.50@ $ (16% upside)
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.