Skip to main content

CUMMINSIND : Sell/Short @ 910-911 Target 880-860-840 SL 918

Dear Readers,

If you see the long term chart of CUMMINSIND, you would find that the stock has been witnessing a sideways movement making higher lows and lower highs.



The internal built of the first leg from the low of 746.15 to the high of 947 and third leg from the low of 747.55 to 921 looks like impulsive movements, please refer to the chart for the reference. Let us name those impulsive movements wave 'a' and 'c' for time being

Now, if you see the chart, whereby a resistance line has been drawn conjoining the two tops of these two impulsive movements, 947 and 921, end point of 'a' and 'c', the stock has reached/ touched the resistance line and may find a strong resistance over this point.

This is a suitable point where the traders can sell or go short on this stock at current price of 910 for an immediate targets of 880, 860 and 840 with the stop loss of 918 on upper side.

Disclamer:

All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Trade at your own risk. Undertake proper research before any trade.

Follow on Twitter : @beta_trade

Popular posts from this blog

JetAirways: Complex Correction

Jet Airways, one of India's leading and biggest domestic airline companies, providing it services domestically as well as internationally, had came out with an Initial Public Offerings through book-building process way back in February, 2005. The ipo was subscribed by 16.2 times as compared to 17.27 millions shares that were offered for subscription. The ipo price was fixed at 1100 whereby the price range for the ipo was 950-1125.

The stock of Jet Airways got listed and started trading on BSE & NSE, India's leading stock exchanges, on and from 14th March, 2005. The stock opened at the price of 1155 being the low for the rest of the day, went to the high of 1338.90 and got settled/closed at the price of 1304.20 per share on NSE on the listing date. The stock made its all-time high of 1382.75 on 26th April, 2005 and still the same has not been breached after that. Moreover, the stock breached its issue price of 1100 on 21st September, 2005 and traded in the range of 970-112…

RPower: On The Eve Of Q4 Earnings

Reliace Power has just reversed after touching the supply line drawn in the chart connecting the two highs of 61.25 and 56.45.
The stock of RPower, before breaching out of the supply line and start new bull rally, is trying to test the patience of the investor who have been invested in the stock since the Initial Public offerings or of those who might have invested in the stock on the higher price after the listing of the stock on Indian bourses.


The stock may try to touch the upper resistance/supply line before it starts moving further down.

Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Follow me on Twitter : @beta_…

Adani Port: Targeting Price Of 400 Or More

The Stock of Adani Port looks to be in the extended wave III , as shown in the chart, if the alternate wave count is correct. The stock is currently trading @347. The stock can see an up move targeting price of 400 or more. However, if the stock moves below the price of 317 then the stock can see further decline up to the price level of and get its support around 275-285.



It shall be noted that the stock is expected to move in the parallel channel drawn.
Disclamer:
All views, charts, comments, post or any materials of any kind discussed, published, posted and/or commented are for educational purpose only and not meant to be an advice to trade nor does it or the publisher of it guarantee any sort of return or the correctness of the post or any materials.

Undertake proper research and advice of your investment consultant before taking any trade.

Trade at your own risk.

Twitter: @beta_trade