mohanlate said:
Hi Saint,
Thanks for the tips. I checked some of them and came out with these observations. Kindly send your feedback.
1.ABB- The RSI and Stochastic oscillators show a strong overbought signal. But weekly candlestick chart show that bulls are still in control. Might cross 1550 tomorrow.
2. BEML - on daily charts-MACD showing a positive divergence going positive. Nice pick up in volumes in July after the fall from 1st June. The bears came out big winners today after pushing the price from a high of 677 all the way to 650 signalling an increase in selling pressure. Weekly candlestick show a plausible bearish reversal of trend over the next week. Its still an attractive buy at 650 (P/E of 13 and 140% increase QoQ, 614% YoY) on strong fundamentals.
3.SESA GOA - After a strong uptrend last few days, today the bears seem to come out strongly on bulls. A strong rally finally won by the bears. Look for possible alert tomorrow. (BTW, China's recent increase in iron demand by 25% has will push the quarter sales up significantly). Weekly candlestick is in a doji or spinning top pattern in haramai position - a potential bearish reversal.
4.Guj NRE Coke - Breakout on 125 resistance on daily chart. Bulls coming out in good volumes this week (1.2 million today) as winners, after a good fight with bears yesterday which ended in bears winning marginally (it was a doji yesterday after the bears rule on the day before). There is some selling pressure the bulls will have to withstand tomorrow for a bullish outbreak. Weekly charts show bullish reversal.
Thanks
Thanks for the tips. I checked some of them and came out with these observations. Kindly send your feedback.
1.ABB- The RSI and Stochastic oscillators show a strong overbought signal. But weekly candlestick chart show that bulls are still in control. Might cross 1550 tomorrow.
2. BEML - on daily charts-MACD showing a positive divergence going positive. Nice pick up in volumes in July after the fall from 1st June. The bears came out big winners today after pushing the price from a high of 677 all the way to 650 signalling an increase in selling pressure. Weekly candlestick show a plausible bearish reversal of trend over the next week. Its still an attractive buy at 650 (P/E of 13 and 140% increase QoQ, 614% YoY) on strong fundamentals.
3.SESA GOA - After a strong uptrend last few days, today the bears seem to come out strongly on bulls. A strong rally finally won by the bears. Look for possible alert tomorrow. (BTW, China's recent increase in iron demand by 25% has will push the quarter sales up significantly). Weekly candlestick is in a doji or spinning top pattern in haramai position - a potential bearish reversal.
4.Guj NRE Coke - Breakout on 125 resistance on daily chart. Bulls coming out in good volumes this week (1.2 million today) as winners, after a good fight with bears yesterday which ended in bears winning marginally (it was a doji yesterday after the bears rule on the day before). There is some selling pressure the bulls will have to withstand tomorrow for a bullish outbreak. Weekly charts show bullish reversal.
Thanks
Great analysis.......I agree with all your observations.As far as ABB is concerned,I am going to ride this trend till I see a reversal signal on the monthly.I was hoping that BEML would pull back which it did ....got in around the 647 area,am still bullish on that stock.Always too glad to exit though with a loss if stops get taken out.But totally agree with your observations.SESA GOA-may pull back a bit or may fire.Even if this week ends with a doji/harami,I would turn pessimistic only if the entire bar from last week gets negated.GUJ NRE--looking good.
Once again,great analysis.....great observations.Thanks !
Happy Trading!
Saint