POLYCAB INDIA LTDShort
the downtrend should resume
Candlestick - the big red candle is a bear candle and an early indication of a change in trend,
Fib- the stock cannot rally beyond 38.2% of the bear candle is very bearish.
RSI- the oscillator is forming a double top below the bull support of 40. This is very bearish.
MA- the stock has halted at the longest MA in red. But the rallies post that doesn't show strength, Hence it is likely to break.
Conclusion- The bear candle has huge volume an early indication that the fall is not done. Exit this counter, it is still on the highs.
Fib- the stock cannot rally beyond 38.2% of the bear candle is very bearish.
RSI- the oscillator is forming a double top below the bull support of 40. This is very bearish.
MA- the stock has halted at the longest MA in red. But the rallies post that doesn't show strength, Hence it is likely to break.
Conclusion- The bear candle has huge volume an early indication that the fall is not done. Exit this counter, it is still on the highs.
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