BALKRISIND: Interesting Price Action

Updated

Hey There! The chart should tell you everything you need to know about

Below are some additional pointers:

- Huge candle breakout: Such breakouts usually show exhaustion and loss of momentum
- Volatile long wick candles: The recent 3 Month consolidation at the resistance zone shows indecision.
- RSI has a Bearish Divergence (-Ve)
- MACD shows reduced bearish momentum (+ve)
- A break and sustenance of the resistance zone will be crucial for further up move. The Psy. level of 2500 sits strong at this zone.
- A break of the support zone may either mean a possible retest or a return to the previous consolidation range. The future price action will guide us w.r.t it.

What do you make of this price action?

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Note

Tepid results and negative calls from Nomura and Morgan Stanley.
The high PE ratio is already mentioned in the analysis.

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Note

NEW ATH

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