Monday, July 9, 2012

Nifty Analysis: - Will RCOM change its current TREND?

RCOM is in its massive downtrend since mid of April 2012. It has failed to cross its 90 level which was its strong resistance at that time we have figure it out the details in our following picture.

Figure: -

After that it has reached to its bottom level, RCOM tested 60 levels once again which earlier it had touched last December 2011 as low, it has clearly shown negative divergence to index, (Nifty & Sensex) RCOM was in severe downtrend & it is still not in uptrend but showing some signs to get breakout in near times.

Figure: -

Following we have pointed several points on RCOM which will draw the current position of RCOM stock: -

1) Figure below shows Trendline it is forming double bottom near 60 levels. We can also see a down trendline has broken up from 3-4 days before. And now it is going to get breakout once it crosses 70 levels where this formations resistance meet.

Figure: -

2) Following image is RSI of 14 Days showing divergence with respect to price & it has crossed 55 which is a bull sign and is currently at 59.

Figure: -

3) RCOM has just crossed 50 EMA (currently @ 68.45) closed above slightly. If RCOM goes above 70 then it will confirm breaking of EMA. 50 EMA is very significant for change of trend next resistance is 200 EMA which is currently at 80.50.

Figure: -



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