BURGER KING MAY TAKE SOME SUPPORT AT THIS BUYING ZONE
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Burger King is on the roller coaster ride since it's IPO listing. It met our Target of 200. went till 219 and now trading at 157 with consecutive two lower circuits. As we have very fewer historic data to analyze the technicals...We can focus more on psychological levels here. 130 to 145 is the 1st level of buying zone where stocks will be transferred from retailers to smart money. A small quantity can be added here. 15% of stocks are owned by retailers so Smart Money will accumulate these shares from 100 to 200 levels. We might see multiple waves in the coming time and then finally Burger King will trade at a fair price. I will recommend fishing (buying stock) wisely at the right level. This fall will open good entry points.
Note
Finally, Burger King took support at 145 (within our buying zone).
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