Wednesday, 20 August 2014

Stock pick of the day : Morrison(wm) Suppermarket

 
Morrison(wm) Suppermarket

RECOMMENDATION : BUY
TARGET 184
Morrison (wm) Suppermarket Plc is looking good for buying , Stock is showing accumulation from bottom with good volumes and gaining strength for buying. It is managing to cross the falling trend line and sustains above it with positive bias. Stock has showing consolidate near to resistance level i.e 176 crossing of it can show northward journey with stop loss of 171 for the tgt of 184.

CHART FORMATION:-
Stock has given the break out above the falling channel and facing resistance from the level of 176 crossing of it can show upside movement.
It's managing to trade above 50 DMA & facing resistance from 89 EMA i.e 176 crossing of it can show the level of 181.

INDICATORS:-
RSI is trading above the level of 50 and looking further bullish and facing resistance at 65 crossing of it can test the level of 70.
Fast line has given the break out above slow line and it's about to give the break out above the zero level line.
ADX is trading above 25 level, Positive DI has given the break out above Negative DI which is indicating strength in the stock.