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Investors with a short-term perspective can consider buying the stock of Tree House Education & Accessories at current levels. The stock took support at ₹220 in early March and started to trend up. Since then, the stock has been on a medium-term uptrend. However, the stock encountered resistance at ₹380 in early- and mid-June and witnessed a near-term corrective decline. After a 38.2 per cent Fibonacci retracement, the stock found support at ₹312 and bounced up.
On Tuesday, the stock surged 7 per cent with above average volume, breaching its 50- and 21-day moving averages. The daily relative strength index is on the brink of entering the bullish zone from the neutral region. Indicators on the weekly chart continue to feature in the positive territory implying upward momentum. Our short-term outlook on the stock is bullish. It can extend its uptrend and reach our price target of ₹357 and ₹365 in the forthcoming trading sessions. Buy the stock with a stop-loss at ₹336.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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