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The short-term outlook for the stock of Wonderla Holidays is bearish. The stock has declined by over 5 per cent so far this week. This fall has taken the stock well below a key support level of ₹230. This level of ₹230 will now act as a good resistance which has to be broken to turn the outlook bullish again.
But that looks less likely as an intermediate bounce to ₹230 is likely to get fresh sellers coming into the market. There is room for a fall to ₹202-₹200 in the coming weeks. Traders can go short at current levels and accumulate at ₹227. Stop-loss can be placed at ₹235. Trail the stop-loss down to ₹219 as soon as the stock moves down to ₹214. Move the stop-loss further lower to ₹212 as soon as the stock falls to ₹208. Exit the short-positions at ₹205. The region between ₹202 and ₹200 is strong trend support. A break below ₹200 might not be easy. As such the stock is more likely to reverse higher and see a fresh rally to keep the overall uptrend intact.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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