IRPC : A close above 6.10 will brighten prospects here
April 3, 2011 Leave a comment
Back on Feb 23 we said of IRPC : If and when 5.60 is cleared the counter should advance to nearer 6.10. This scenario will remain valid as long as the stock holds at or above 5.20
The stock hit a recent high of 6.15, and for the next trade here there seem to be two possibilities. Firstly, a strong volume breakout above 6.10, with 6.35 as the VST target, and possibly secondly, if it dips back to 5.80, consider buying with 61 the first and 6.20 the 2nd target. Use a stop of just 3 spreads here.