Sidewaysmovement
CUMMINSIND : Sell/Short @ 910-911 Target 880-860-840 SL 918Dear Readers,
If you see the long term chart of CUMMINSIND, you would find that the stock has been witnessing a sideways movement making higher lows and lower highs.
The internal built of the first leg from the low of 746.15 to the high of 947 and third leg from the low of 747.55 to 921 looks like impulsive movements, please refer to the chart for the reference. Let us name those impulsive movements wave 'a' and 'c' for time being
Now, if you see the chart, whereby a resistance line has been drawn conjoining the two tops of these two impulsive movements, 947 and 921, end point of 'a' and 'c', the stock has reached/ touched the resistance line and may find a strong resistance over this point.
This is a suitable point where traders can sell or go short on this stock at current price of 910 for an immediate targets of 880, 860 and 840 with the stop loss of 918 on upper side.
