Why the stock slipped down even when prices were making higher highs and Ichimoku showed a positive up trend
Negative RSI Divergence -
While Price was making Higher highs RSI was making lower highs which is classic negative divergence
So watch out for such indications in the future
THERE WILL BE A RESISTANCE AT 145 LEVELS.
ONCE IT IS CROSSED, PRICE TARGETS OF 156/165 AND 174 ARE ACHIEVABLE.
STOP LOSS AT 137.5 (OR YOUR COMFORT) MAY BE PLACED.
ALL THE INDICATORS ARE INDICATING BULLISHNESS.
Balrampur Chinni might have completed the upmove in the present cycle and could distribute before moving down. One may close long positions and initiate shorts on rise with a potential dip towards 117.
A converging MACD on the downside and a dip in RSI from overbought region back the call.
Cup and Handle formation is clearly visible on weekly and daily chart. Daily chart is on breakout and today's close above 123 will confirm it. Buying cab be done around 122-123 level with stop loss below 110 (closing) for target 135 -150 - 180. Global shortage in sugar could be the reason for move in sugar stocks but shortage is majorly contributed by Indian...