Shares of Auro pharma ltd saw over 3% increase in value during trading session today and has been moving uptrend post update from company regarding positive Q3 results and interim dividend decisions. The stock closed for the day in NSE at 607.30 per share post hitting the day’s high at 610.40. Bill William’s alligator indicator which is used to confirm the presence of a trend and identify starting point of trend based on three lines that use a metaphor of alligator’s lips, teeth and jaw has formed a complete awakening pattern in minute and one hour intra-day charts with green line making a bullish crossover over red and blue lines there by confirming formation of a new uptrend movement.
Similarly ZIG ZAG indicator which is used to predict reversal in trend while disregarding changes in share price caused due to short term market volatility has also formed uptrend indication supporting the stock’s uptrend growth. RSI indicator which is used to measure the momentum of stock using signal line which is calculated based on speed of change in stock price is currently in a range of 31 to 62 across intra-day and daily/weekly charts and continues to move towards oversold region across all time frames supporting uptrend movement of stock in immediate and near future trading sessions. Expected support and resistance for the stock are at 579.52 & 621.51 respectively.
Image : 1 hour intra-day chart data from MCharts MT4 PlatformView Full Artcile With Comments