December 24, 2010

MCLEOD RUSSEL INDIA LTD Chart analysis

  • MCLEOD RUSSEL is forming a bullish engulfing pattern in weekly chart which will be confirmed with today's closing price.
  • Stock has taken support at its 78.6% Retrace of its fall from 311 to 165.
  • Resistance level is at 220 which is the 61.8% Fib level of the same fall mentioned above. Closing above 220 can lift the stock to 238 levels.
  • Getting resisted at 220 will be negative.
By at

6 comments:

  1. niftyDecember 24, 2010 at 11:47 AM

    Thanks a ton. I will refrain from shorting this stock. I wasn't aware of the bullish engulfing pattern on the weekly charts. Nor was I aware that it took support at the 78.6% retracement.

    You are really really amazing. Thanks for all the incredible support you have been providing us.

    ReplyDelete
  2. SanDecember 24, 2010 at 11:52 AM

    Thanks nifty

    ReplyDelete
  3. dhanaDecember 25, 2010 at 7:27 PM

    Hello Sir,

    can I go long in triveni as it has closed above all the Moving baverages.
    Thanks.

    Dhanasekaran
    Bangalore

    ReplyDelete
  4. SanDecember 26, 2010 at 9:00 AM

    @Dhanasekaran
    Treveni on Friday closed below its 50 DMA. Up moves from here possible only if the stock sustains above 50 DMA. Getting resisted at 50 DMA will be negative for the stock

    ReplyDelete
  5. dhanaDecember 26, 2010 at 11:22 AM

    Dear Sir,

    I tracked triveni with EMA. It has closed above 20, 50, 100 & 200 EMAs. Which in your opinion is better. DMA or EMA.

    Thanks.

    Dhanasekaran
    Bangalore

    ReplyDelete
  6. SanDecember 26, 2010 at 12:36 PM

    @Dhanasekaran

    DMA - stands for DAY MOVING AVERAGE. So i am referring to 50 DAY SIMPLE MOVING AVERAGE.

    I prefer SIMPLE MOVING AVERAGE for daily charts and weekly charts. For intraday charts like 5 minutes and 1 hour time frame i use EMA.

    50 DAY SIMPLE MOVING AVERAGE is one of the most important indicator for me in daily chart.

    Using moving average takes time. You have to experiment with various settings and over time you will feel comfortable with certain sma's and ema's.

    ReplyDelete

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