UNITECH enters bear market

 

• Unitech line chart shown with the head and shoulders breakdown and stock slipping into the bear market territory below 200 DMA.
• Second chart shows the range of Unitech from 64 to 98. This range was shown last week. A possible test of the bottom of the range was predicted. But did not expect price to show such down side momentum. That is exactly the point for the bulls of unitech to worry the force at which the stock is tumbling down.
• Closing below 62 will bring more bad news for the investors. A quick up move up the 200 DMA will only be possible if stock consolidates between 62 and 66.
• The oversold status can also bring a quick up move. But one should be careful while taking long position because of the speed at which the stock is coming down.