BharatJhunjhunwala

504 is an important levels, as long as the stock trades above it

NSE:IGL   INDRAPRASTHA GAS
The stock has an splendid move in last few months. Lately there has been some momentum divergence in the stock, RSI & MACD on the daily charts are diverging with price. Though divergence is does not indicate any trend change, but it has to hold on to important supports to maintain its trend up. Furthermore the bearish engulfing candle reassures a probable detour in the coming week. 504 is an important levels, as long as the stock trades above it the levels of 535 – 560 may be probable however giving up the support may attract correction in the stock till 495 – 480 levels.
Bharat Jhunjhunwala
MFTA,CMT,CFTe,MSTA
http://www.prorsi.com

Comments

its going to 480 is my guess. bearish engufling right after a good rally, is a bearish sign for correction..
+1 Reply
Rsi divergens with high volume,
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it's uptrend unsustanable...
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