Bouncing bank from 400!
Analysis:-
- After a sufficient fall, we see Dabur fighting and denying to break the downward support of 400 for the past 6 trading days. Today finally a green indicating a probable bounce back from these levels on the trendline.
- Looking back at how it fared with bollinger band shows a higher probability of reversal when it touches the lower end of the bollinger band - [ See the blue arrows ].
- Similar trend reversal indications from RSI and MACD as well.
Action:
- Buy at Current levels (400-405).
- Upward immediate target could be 420, then 440 and eventually 460.
- A less probable break downwards could take it to 370 ( Chance to accumulate! ).
Conclusion:-
With upcoming elections and results as the two important events which could move this counter, a long position here at the current levels could prove out to be fruitful in short term.
- After a sufficient fall, we see Dabur fighting and denying to break the downward support of 400 for the past 6 trading days. Today finally a green indicating a probable bounce back from these levels on the trendline.
- Looking back at how it fared with bollinger band shows a higher probability of reversal when it touches the lower end of the bollinger band - [ See the blue arrows ].
- Similar trend reversal indications from RSI and MACD as well.
Action:
- Buy at Current levels (400-405).
- Upward immediate target could be 420, then 440 and eventually 460.
- A less probable break downwards could take it to 370 ( Chance to accumulate! ).
Conclusion:-
With upcoming elections and results as the two important events which could move this counter, a long position here at the current levels could prove out to be fruitful in short term.
כתב ויתור
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