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The stock of Atlanta jumped almost 5 per cent on Tuesday with an above average volume, breaching a key immediate resistance at ₹106. With this rally, the stock appears to have resumed its intermediate-term uptrend that has been in place since November 2016 low of ₹54. The corrective fall that was in place since May found support at around ₹100 late June and the stock resumed its uptrend thereafter.
The daily relative strength index is moving higher in the neutral region towards the bullish zone and the weekly RSI has re-entered the bullish zone from the neutral region. Both the daily and weekly price rate of change indicators have entered the positive territory implying buying interest. There is an increase in daily volume over the past four trading sessions. The short-term outlook is bullish for the stock. It can extend its uptrend and reach the price targets of ₹113 and ₹115 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹106.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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