ABCAPITAL NEGATIVE RSI DIVERGENCE
Aditya Birla Capital Ltd. is an interesting chart with bearish formations:
1. RSI on daily chart crossed below 40
2. RSI on weekly chart crossed below not only 60 but also below 100 SMA on RSI
3. Negative Divergence on RSI on weekly chart
4. Price formed Three Black Crows candle stick pattern on weekly chart
5. Price crossed below 50 Day Moving Average.
6. Double top like pattern under formation on weekly charts
NEXT Major Support at 213 and 200 levels i.e. 100 day and 200 day Moving Averages.
CAUTION : Fall in price is followed by lower volumes and may be because of profit booking before an event. so better look for sell near resistance i.e. 240-250 zone and as per one's own risk reward with strict stop losses.
Lets See how it evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look have some with my own Risk Reward matrix.
1. RSI on daily chart crossed below 40
2. RSI on weekly chart crossed below not only 60 but also below 100 SMA on RSI
3. Negative Divergence on RSI on weekly chart
4. Price formed Three Black Crows candle stick pattern on weekly chart
5. Price crossed below 50 Day Moving Average.
6. Double top like pattern under formation on weekly charts
NEXT Major Support at 213 and 200 levels i.e. 100 day and 200 day Moving Averages.
CAUTION : Fall in price is followed by lower volumes and may be because of profit booking before an event. so better look for sell near resistance i.e. 240-250 zone and as per one's own risk reward with strict stop losses.
Lets See how it evolves.
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the stock as on date but I may look have some with my own Risk Reward matrix.
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