Archies:
Archies fell from a high of 184.40 on January 4, 2008 to a low of 72 on March 24. During the first wave, it touched a high of 98.35 and on April 21 it broke this resistance with reasonably good volume. More buying was seen next day. During the process of bullish breakout the stock also broke its strong resistance at 98. The next resistances for the stocks are at 124.80 and 157.70. The technical target for this breakout works out to 141.60.
Ashok Leyland:
Ashok Leyland made a low of 26.15 on January 22 and since then the stock was moving sideways. Yesterday the stock broke its resistance at 40. One can see the rectangle pattern on the chart. A three month consolidation pattern is usually considered to be strong and one may expect the stock to test the previous high at 57.50. For this to happen, the stock needs to close above 45.65.
Fortis Healthcare:
Fortis too, lost more than 50% of value when it fell from 123 to 59.10 between January and March. A bullish inverse head and shoulder pattern has been formed in the daily charts and the stock has broken the neckline resistance on Tuesday with good volume. Technical target for this breakout works out to 112.10.
JK Lakshmi Cement:
The stock's January 22 low of 90 has not yet been broken. It broke the resistance trendline on Monday and this was followed by horizontal resistance breakout. The stock has also closed above its strong resistance at 125. The stock has to cross resistances at 142 and 156.20 if it has to achieve a medium term target of 172.45.
Natco Pharma:
This stock had a descending triangle breakout (which was not accompanied by a sell off) on March 10. It has made higher highs and higher lows since March 26 and as we can see from the chart, it has broken its previous resistance at 93.20 as well as resistance trendline on April 9. Now the stock is consolidating after negating the bearish descending triangle pattern and the next resistances are at 127.95 and 157.