August 15, 2010

Death cross of Sterlite Industries

  • I don't know about the fundamentals of sterlite Industries. It must be very bad.
  • The stock has broken important support levels. There is a death cross in the stock. Below the death cross there is a triangle broken it's support line.
  • Everything points to some more correction.
  • Now for monday if the stock trades below 158 it will aim 150 next week. One should have correct stop loss as the stock might attempt for a bounce back because of the oversold condition.
  • As long as it trades below 158 target of 150 is possible.
  • If the stock breaks 150 enter short again for another 10 points minimum