Mtnl To head towards 167 and 178

Mtnl may head towards 167 and 178 if it can hold 152/149
157 is the old high above which mtnl should show strength

Original fib, buy call was given near 150 region
Fib targets for current move are as follows
MTNL:9/1/2006
Close/cmp:155.85
Swing : Up=Buy ( 5.500% sensitivity)
Breakout area: 145.544
Targets Active above:154.427
T1:161.256 T2:168.8
T3:181.006 T4:188.55
LastPivot149.05 TrailingStop:7.5445
0.618 sl:145.544
Lower:153.194 Upper:163.275

A double bottom formation would be complete above 167 the target for which is 200
For now follow the trend.
154/153/152 supports from rising trend channel.
Upward targets intact as long as 149 is held but the upmove would lose some momentum below 153.


Once you have entered use a 2 day trailing low as a stop.
Key support 149
Key resistance 167
Above 157, 167
Below 154, 152/149
Below 149 uptrend in trouble.
Above 167 typical double bottom with lower volumes on second bottom
Target 200 within 2 months
Thats a 20% upside (167-200) with a 10% (167-149) risk
Swing traders may enter on new eod high just above 157.25 which also happens to be an old resistance level.
13ema is at 154.91, 21 ema is at 152.894
mtnl is barely recovering above and currently retesting 200 ema
153.56.
Remember bulls live above 200 ema and bears below :)