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The stock of OnMobile Global gained 7.6 per cent conclusively breaking above a key resistance at ₹60 on Tuesday. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels. The stock registered a 52-week low at ₹51.75 in early August 2017. Since then, the stock has been in a medium-term sideways consolidation phase in the wide range between ₹52 and ₹68. Significant support at ₹52 cushioned the stock in mid-December 2017 and it has been in a short-term uptrend since taking support at ₹52. While trending up, the stock decisively breached its 21 and 50-DMAsday moving average as well as a key resistance at ₹60 on Tuesday.
The daily relative strength index has entered this bullish zone from the neutral region and the weekly RSI is moving higher in the neutral region. Both the daily and weekly price rate of change indicators hover in the positive territory implying buying interest. Short-term outlook is bullish for the stock. Traders can buy the stock with a stop-loss at ₹61.5. Short-term targets are ₹65.5 and ₹67.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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