February 14, 2011

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. 
  • NIFTY WEEKEND UPDATE

No comments:

Post a Comment