Stock has been falling from many months, making lower low.
Still no signs of reversal, however its been trading in fibonacci crucial zone hence keep an eye on price action
Further support can be seen at 121 levels.
Volumes are considerably low.
Rain Industries was struggling near 400 levels from past four(4) months.
and forming Spinning Long Range Candles, signalling supply pressure near those levels. Hence some decline was then seen in the stock, forming long bearish Candles.
Stock might correct more , however there are no much sign of weakness on the charts.
Price action should be observed near 300...
RAIN - A small petrochemical company having trapped in a range bound trading range broadly between 30 - 50 Rs since May 2015 to October 2016. The stock tried number of times hitting and closing above 55 - 60 Rs range but failed every time until October 2016. The stock we first identified in 2014 when it registered a monthly Bullish Engulfing candle on the charts....