Stock has formed a long bearish channel beginning 25/10 to 26/11. Stock RSI was oversold on daily candlestick. Today, stock has pulled out of oversold zone. It has built support zone at 1492. Stock has formed 'Higher Low' on monthly candlestick chart. Stock has to rise above open price of November at 1585 and then continue its upmove above 1600 to resume bullish movement
ICICIGI is trading in a bearish channel close to make or break level. The stock is just around its 100 day EMA and this might be a level which it may bounce back from.
On closing basis it has ended below 100 day EMA so if a bearish candle is given as confirmation in next trading session we may expect a further downside with sectoral consolidation going on in...
NSE:UFO might seem to run and go towards Rs100-115 but I believe it will be a Buyer Trap for us. Long term perspective is bearish.
But if any how this scrip shows good numbers and profits in quarterly results and the price closes above Rs120 on a weekly basis the trend shall change to bullish.
Until this doesn't close above Rs120 DO NOT BUY for investment or long term.
I'm expecting a breakdown (maybe the stock can take support at the level and possible for a double bottom and move upwards)
The Reason Why I'm bearish:
1.Bearish Engulfing at channel resistance
2.Global crisis
3.Nifty looking weak
4.Rangebound breakout will be very effective.
5.Avoid taking long for this month(index looking weak )
Disclaimer: Please consult...
