Key Levels for BERGER PAINTS :
Please trade with caution and consult your financial adviser before trading.
AS SHOWN WITH YELLOW CIRCLES STOCK HAS BEEN REJECTED 3 TIMES BEFORE NOW IT IS HEADED AGAIN TOWARDS TREND LINE TO GET REJECTED AGAIN SO TARGET IS MARKED WITH ARROW STOP LOSS IS 513 ONLY
NOTE: TRADE AT YOUR OWN RISK
Berger paints is spending too much time on extremes zones on RSI. The momentum hasn't been impressive and strong to break above the 60 levels. If the prices aren't able to break through it in a session or too it will result into a "momentum puncture" which will lead to corrections in the stock.
The meteoric rise that we have witnessed over the past two months in this counter by 80% has been nothing short of a spectacle. However, now it looks like the paint is beginning to loose its sheen and the formation of bearish harami with a trendline breakdown is hinting at a potential reversal to the downside. The momentum indicator RSI is clearly signaling serial...