RECLTD : Corrective Move Expected

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The stock of REC Ltd has seen a big move since its low of 76.22 to the high of 216.25. A parallel channel has been drawn connecting its higher highs and higher lows.

One should note that the stock has recently breached its upper resistance line, but unable to sustain above the same. The stock may or may not try to touch this upper resistance line but there is lesser probability that it may cross above its recent high price of 216.25.

Moreover, the MACD oscillator is suggesting that the stock is ready to witness its southward movement any time soon. The stock, over the next few months, may see corrective movements.
Comment: REC Ltd.
Current Price: 212.15
High Price: 214.60

As said earlier in the post, the stock might try to touch its upper resistance line however, would not be able to crossover the previous high price of 216.25.
If, the high price of 216.25 remains unbreached the stock may witness corrective movement up to price range of 180 to 160 over next few weeks/months.
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