The level 80 is crucial in the short term. If it trades above 80, in the upperside it could test 85 in another 5 to 10 trading sessions. Instead, if it fails to sustain above 80 in another 2 trading sessions, then it is likely to decline towards 73.
The long term trend in the Stock is looking bearish and it is likely to trade well below its October 2008 low in coming months. The period 2006 to 2008 saw a extended leg in the upside. Normally, an extended leg would be followed by a truncated upmove in the next rally. The same is happening in this stock also.
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