The advance the stock had made in the last few weeks seems to be corrective rather than a attempt to move up. As of the stock has taken resistance at an resistance level and formed a dark cloud cover. A move below 243 will aggravate selling and the stock may test 238, 235 & 227 level. However a move above 251 will negate the bearish view and the stock may render...
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THIS IS A VIEW ON NIFTY INDEX NOT A SUGGESTED TRADE
SINCE I DON'T TRADE WITH MONTHLY POSITIONS
!!CAUTION!! IN NIFTY INDEX
-AS WE SEE THERE IS A CLEAR DIVERGENCE IN NIFTY INDEX ON MONTHLY CHART
-MOMENTUM INDICATORS ARE LOSING MOMENTUM
-CLEAR "DIVERGENCE" IS VISIBLE ON THE INDEX MONTHLY CHART
-WE HAVE CLEARLY HIT RESISTANCE ON WEEKLY CHART...
Higher TFs have alreadyy thrown a nice breakout to the ATH. Monthly RSI is overbought now. Looking at the price action, I don't see a big reversal of any sorts.
There is a nice 3 Bar Negative Classical Divergence (NCD) in the Daily. Also, it being at the ATHs and overbought levels make it more strong. The last candle was an upside rejection candle, again showing...