Sugar stocks under pressure!!
Pattern Analysis- A V shaped fall is a directional signal and an indication of extreme weakness. The rally here nearly to the highs was an opportunity to exit.
Fib Anlaysis- The stock held on to the Fib confluence at 380. Below this it get very weak.
MA- The stock has taken the longer MA as support. So this zone is critical, below this the selling will increase.
Volume- The stock was down 17% for the week. So this is definitely a bear candle. Now look at the volume on this bear candle, its huge. It is telling us that the bears are in control.
Conclusion- Use any bounce back to exit this counter.
Fib Anlaysis- The stock held on to the Fib confluence at 380. Below this it get very weak.
MA- The stock has taken the longer MA as support. So this zone is critical, below this the selling will increase.
Volume- The stock was down 17% for the week. So this is definitely a bear candle. Now look at the volume on this bear candle, its huge. It is telling us that the bears are in control.
Conclusion- Use any bounce back to exit this counter.
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