MULTIPLE RESISTANCE ZONE
On the daily chart, the stock has witnessed sharp selloff from its “multiple resistance zone” of 970 levels
Rising volumes at breakout zone implies increased participation
On the weekly chart, the stock is in down trend forming a series of lower tops and bottoms
The stock is sustaining below its 20, 50 and 100 as well 200 Day SMA which reconfirms bearish sentiments ahead.
The daily and weekly strength indicator RSI is in bearish mode along with negative crossover which supports rising weakness.
The above analysis indicate a downside of 850-825 levels.
Rising volumes at breakout zone implies increased participation
On the weekly chart, the stock is in down trend forming a series of lower tops and bottoms
The stock is sustaining below its 20, 50 and 100 as well 200 Day SMA which reconfirms bearish sentiments ahead.
The daily and weekly strength indicator RSI is in bearish mode along with negative crossover which supports rising weakness.
The above analysis indicate a downside of 850-825 levels.
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