December 16, 2013

JP Associates Bearish engulfing pattern

  • JP Associates weekly chart shows a perfect bearish engulfing pattern at 50 Week SMA. First chart shows a failed attempt to close above the weekly falling resistance line. Price closing below the rising red support line may extend the fall in this stock.
  • Closing below 50.55 levels will favor bears. For bulls price should close above 50 Week SMA which looks a tougher target to achieve for now.
  • NIFTY Weekend update

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