INOX : Possible signs of life detected.
April 7, 2011 Leave a comment
INOX has been on the sick and untouchable list for a while now, but there are slight signs of life, so it’s worth at least a quick look at the charts to gauge its trading potential.
Much like SSI and our buy call a week or two ago, this stock has a very similar pattern and is just missing a big volume day to at elast rally to 1.38-1.40. Right now it’s at 1.31, with entry preferable if there is one more dip to 1.27-1.28. Watch for flows picking up here – when it starts flashing on the ticker, that’ll be the time to take a punt.
A move to 1.45-1.46 should be seen shortly, with some chance of an advance to 1.57-1.61 before long.
Should be good for 5-7% over the VST, and nearer 12% going in to late month.
With a stop just under the 200 day SMA at 1.26, it’s worth a look we think.