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Thursday, November 22, 2007

IFCI -Technical analysis

IFCI has a double bottom indicated by 1 and 2 in the figure. In case of a double bottom,
the price movement has tried to go lower twice, but has found support each time. After the second bounce off of the support, the security enters a new trend and heads upward.
However, one should wait for the breakout. One should be long on the stock on a break abovethe resistance which is around 102 - 105 now.
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