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.
its been raining for a while now from 480.
RAIN is entering support zone of weekly 200 mov avg (124) and monthly 50 mov avg (110).
110 to 124 can be accumulation zone for a rebound.
120 is also 75% retracement of life highs of 480. correction has been steep....
NOTE: Analysis is for EDUCATIONAL PURPOSE only..
1. RAIN is inside a channel and consolidating and didn't slide much during the June-October carnage.Closing above 200s would reverse the trend.
2. The vix fix is suggesting there's not much correction left and the bottom is being made
3. The yellow arrow area shows the trend is still bearish. But at the end, there's sign of a trend reversal, which will be ...
On 9th October Rain crossed 8/1 angle on closing basis, turned bullish and is now attempting to cross the next higher 4/1 angle resistance which is seen at 211. Support being at 157, if the scrip is able to cross 211 with bullishness, then we may see the next target at 247 in intermediate term.