CONCOR: The stock opened with a gap up and the prices continued up during the day. The prices closed near the highs. The prices have been making a falling wedge pattern with falling volumes. The RSI took support at the 40 levels and bounced up, MACD turned positive (though it is below zero line) there is a minor resistance at 585 levels, the stock is expected to...
IT IS MOVING IN A CHANNEL LINE IT HAS TOUCHED UPPER LINE NOW IT MUST HEAD TO LOWER LINE PLUS IT HAS BROKEN IMPORTANT FIBONACCI`S 50% LEVEL ON CLOSING BASIS AND THIS LEVEL MUST WORK AS RESISTANCE NOW TWO TARGETS FOR SHORTS ARE GIVEN GOOD LUCK
NOTE: FOR EDUCATION ONLY
The stock witnessed sell off during the last session. The prices have closed below the kumo making a big black candle, indicating weakness. The momentum has lost strength RSI is not at all excited to move up plus macd has fallen below zero. There is a minor support at 550 levels, failing that support the stock may fumble and fall down to 460 – 415 levels.
NSE:CONCOR short at 484.75 with SL 488.05 and three potential targets.
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