Sun TV Network Ltd break and new 52 week highs

Sun TV Network Ltd. has staged an extraordinary weekly breakout, closing at ₹599.90 with a massive 22.4% surge. This powerful move comes at a time when the broader indices are facing intense selling pressure, highlighting institutional interest and idiosyncratic momentum in the broadcasting major. Technically the stock has given a break out above the weekly trendline. But, failed to close above it. The stock has also made a new 52 week high of 663.90 but failed to close above the previous high of 660.70. Sun TV closed at 599.90 and the stock is trading above all the short, medium and long term moving averages. There a huge spike in volumes on weekly charts and weekly RSI has moved above 60 indicating a possible bullish momentum in the stock. Weekly MACD is also above zero and flasing strong green bars. But, the stock is in the over bought territory on daily charts. Thus, we might see a consolidation or correction before the stock continues to move higher. The levels of 670 and 680 will act as a immedeate resistance. We might see a turnaround in the stock if it closes above 700 on weekly basis.