AFFLE - A stock to watch
The stock has been moving almost sideways for more than two years. Early this year it attempted to take out the old price rejection zone of two years at 1336 level, it failed and it was pushed down again below the 200 DMA. From there it started recovering and in the month of May the stock did make an attempt to take out this price rejection zone. It failed and again was pushed down below the 200 DMA. Now again it is making an attempt and it is crossed the rejection zone with a “Buying Climax” like Bar with a with widespread up bar on very high volume. Now the level 1390 is very significant now because once the price goes above this level it would cross the previous resistances from 2022 and also it would go above the supply shadow of the “BC” like bar which happened today. A bullish close above 1390 will take the stock higher. All other parameters like Relative strength, Money Flow, Buying Pressure and Momentum seem to support. The up move could struggle till 1510 level above which the ease of movement would be much better.
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