Castrol Hoisting A Bearish Flag
Targets : 384 Sell range : Below 408 Stoploss : 439 Duration : 3-4 weeks
Daily timeframe chart of this stock (CASTROLIND) has been in a sharp down trended move over the last few sessions..
Presently, the stock has witnessed a breakout of an “Inverted Bearish Flag” pattern on the daily charts with surge in volumes. After a sharp downside breakout of last week, the stock prices have started to show follow through weakness during this week.
Primary trend of the stock has been bearish,as the 9-45 EMA on Daily chart is still negative, also the stock prices are comfortably trading above our important Trend indicator (Red line), which confirms the bearish momentum to continue for short to medium term.
Moreover, Technical indicators are trading negative, RSI is 37 with negative bias, MACD: -5.62 and Signal Line: -4.31 trading weak,Weekly ADX minus DI has crossed above plus DI today, which shows bearishness for medium term, Also Weekly bearish MACD line has crossed below signal line today. Stock trades below short term and longer term moving averages which confirms a persisting downtrend.
The negative chart setup in CASTROLIND is suggesting a short trade opportunity here. Look to initiate short trade as per the levels mentioned above.
Daily timeframe chart of this stock (CASTROLIND) has been in a sharp down trended move over the last few sessions..
Presently, the stock has witnessed a breakout of an “Inverted Bearish Flag” pattern on the daily charts with surge in volumes. After a sharp downside breakout of last week, the stock prices have started to show follow through weakness during this week.
Primary trend of the stock has been bearish,as the 9-45 EMA on Daily chart is still negative, also the stock prices are comfortably trading above our important Trend indicator (Red line), which confirms the bearish momentum to continue for short to medium term.
Moreover, Technical indicators are trading negative, RSI is 37 with negative bias, MACD: -5.62 and Signal Line: -4.31 trading weak,Weekly ADX minus DI has crossed above plus DI today, which shows bearishness for medium term, Also Weekly bearish MACD line has crossed below signal line today. Stock trades below short term and longer term moving averages which confirms a persisting downtrend.
The negative chart setup in CASTROLIND is suggesting a short trade opportunity here. Look to initiate short trade as per the levels mentioned above.
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