Turning Bullish: Lemon Tree Hotels
Lemon Tree reached 158 levels in the last week of April 2024.
Then, it was trading in a tight range in a BOX PATTERN between 144 – 155 range for nearly three months.
However, the support level 144 was broken and experienced heavy selling and fell badly.
Important support levels like 134, 127 were broken.
The stock took the next support at 113 level.
The support was tested successfully twice and recovered gradually.
The stock has turned bullish and trading at 125 levels.
Resistance levels: 127, 134, 144, 152, 158
Support levels: 113, 101
Verdict:
Volume buildup in the recent sessions, confirming the bullish trend.
However, we can confirm the bullishness only when 20 EMA (Black line) trend above 50 EMA (Orange line). Similarly, 50 EMA (Orange line ) has to trade above 100 EMA (Skyblue line).
Then, it was trading in a tight range in a BOX PATTERN between 144 – 155 range for nearly three months.
However, the support level 144 was broken and experienced heavy selling and fell badly.
Important support levels like 134, 127 were broken.
The stock took the next support at 113 level.
The support was tested successfully twice and recovered gradually.
The stock has turned bullish and trading at 125 levels.
Resistance levels: 127, 134, 144, 152, 158
Support levels: 113, 101
Verdict:
Volume buildup in the recent sessions, confirming the bullish trend.
However, we can confirm the bullishness only when 20 EMA (Black line) trend above 50 EMA (Orange line). Similarly, 50 EMA (Orange line ) has to trade above 100 EMA (Skyblue line).
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