ALLAHABAD BANK (72.90)
TOUGH ROAD AHEAD...
(click on the charts for better view)
Finally this stock came up from the low of 53 to the level of 73. At 73 the stock having a heavy resistence from the Trendline 3 which is formed in October 2005 the low of 77. And the Trendline - 3 and the current price of 73 is the 50% Fibo of 5/11 High and 7/18 Low and just Rs. 1/- down, i mean 72 is the 100dma and 77 is the 200dma, BB's upper band is at the current price of 73 and RSI is at the overbought position, by taking all this i smell that it got a heavy resistence at the current price. It tries to take a retracement or consolidate over here. The support is at 65 which is the 50dma and 62. After crossing the 73 and 77 mark it try to kiss the level of Trendline 2 the price is 85 and 90 the Trendline 3. By taking all this account the stock got the tough roiad ahead...
TOUGH ROAD AHEAD...
(click on the charts for better view)
Finally this stock came up from the low of 53 to the level of 73. At 73 the stock having a heavy resistence from the Trendline 3 which is formed in October 2005 the low of 77. And the Trendline - 3 and the current price of 73 is the 50% Fibo of 5/11 High and 7/18 Low and just Rs. 1/- down, i mean 72 is the 100dma and 77 is the 200dma, BB's upper band is at the current price of 73 and RSI is at the overbought position, by taking all this i smell that it got a heavy resistence at the current price. It tries to take a retracement or consolidate over here. The support is at 65 which is the 50dma and 62. After crossing the 73 and 77 mark it try to kiss the level of Trendline 2 the price is 85 and 90 the Trendline 3. By taking all this account the stock got the tough roiad ahead...
posted by Naveen Pantera at 1:29 PM
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