DLF Chart analysis

• Price of DLF is at a crucial place. It is near the down trend line which acting as big resistance for the stock.
• Breaking above this line can give a good bounce for this stock.
• But as shown in the next chart any bounce above 20 DMA is not sustaining.
• So once should watch the Fib level carefully. If price sustains above 38.2% (246.4) we may see an initial rally towards 256 (50%) Fib level and then towards the 50 Day moving average.
• Price action of DLF suggests that many people are long from 214 levels. They should keep trailing stop loss in order to lock in profits. 
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