Stock Ready For Big Move

Jindal Drilling reached a life-time high of Rs 950.00 in the stock market boom of the year 2007-08 and then entered a long-lasting downtrend that continued until in the week before the last. The share, after topping out at Rs 950 in 2007-08, entered a long-lasting bearish trend and did not even participate in the latest stock market boom that emerged from August, 2013, as it continued to lose even when most others were gaining after August, 2013. In the last eight years post the 2007-08 stock market boom, the share has formed sustainingly lower tops. Even in the latest stock market boom, it reached a high of Rs 302.75, which was the lowest top in the series. From the latest top of Rs 302.75 established in May, 2014, the share entered a sustained downtrend until it reached a low of Rs 105 on Tuesday of the previous week. However, after reaching this nine to ten years' low of Rs 105, the share rallied and rose to Rs 139.90 in just two working days of hitting the lowest. A technical correction sent it back to Rs 118 on Wednesday of the last week in intraday but before the markets closed it jumped to Rs 144 before closing at Rs 142.60. On Thursday, the share opened up with a bullish gap and rose to a high of Rs 164.80 before closing at Rs 159. Thus, the share has performed exceedingly bullish in the last couple of 7th September to 13th SMART INVESTMENT September 2015 10 trading sessions and closed higher than the preaks of many preceding days and therefore, most likely to attract fresh buying support that could take it further up in the days to come.