Technical Analysis Edelweiss Financial Services.

The stock

is currently trading at 121.98. After a steep decline that finally found a bottom near the 80 level the stock has shown a strong and steady recovery. Over the past several months it has been in a clear uptrend consistently forming a pattern of higher highs and higher lows. This indicates a solid shift in market momentum from bearish to bullish. Immediate Resistance the stock is approaching a tough hurdle between 130 and 135. Looking at the chart there were sharp price rejections in this exact area previously. The stock needs to break and sustain above this zone to continue its upward journey. Major Resistance if it successfully clears 135 the next target and major resistance is the previous peak near 140+. Immediate Support if the stock faces selling pressure at the current levels and drops the 105 to 110 range will act as the first strong support as it previously bounced from there. Base Support the ultimate strong foundation for this stock is currently at the 80 mark. Fresh Buyers buying right now is risky because the price is too close to the strong 130–135 resistance zone. It is safer to wait for a price dip toward the 110–115 support level or buy only if it cleanly breaks above 135. Current Holders the current uptrend is solid so you can hold your shares but keep a strict stop-loss around 110–112 to protect your capital. If the stock starts showing weakness near 130–135 consider booking partial profits. Technical analysis is based on historical patterns and does not guarantee future results. Always use a Stop-Loss to manage your risk.