techtrail

Venkeys India: Time to Be Cautious !!

NSE:VENKEYS   VENKY'S (INDIA)
104 0 6
This stock has been a star performer and I have tracked and traded it too. This stock has been featured here way before the move started. I did not participate in the run up fully though.

OK, that was a brief background. Off to the charts now. Notice the spike in trading volume and the price action. We have seen one of the biggest percentage decline in the stock, accompanied by a spike in volume . Just ask yourself why would smart-money buy at lofty levels and let price crack thereafter?

Next logical question is: Is the smart-money selling or distributing?

We can only make intelligent guess and price action is supreme. I am inclined to believe that price could congest or correct in the near future. If you are holding the shares, time to tighten stops.
Comment: The volume signature and price action was a give-away. No wonder, we had such a big fall today. This fall was always round the corner.
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