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| Discuss UTI Bank Chart Pattern at the Trading on Technicals within the Traderji.com - Discussion forum for Stocks Commodities & Forex; Hi, Please find attched the EOD 16Nov chart of UTI bank. We see the following ... |
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#1
18th November 2006, 04:10 PM
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UTI Bank Chart Pattern
Hi,
Please find attched the EOD 16Nov chart of UTI bank. We see the following 1)The stock is in an upward channel. 2)The moving averages have moved up. 3)Last day i.e 16Nov there is bullish engulfing pattern. Based on this observations, is it worth to buy this stock at the current price, if yes what should be the price target. I would really appreciate some expert comments on this, stocks chart pattern. Thanks and Regards, Vikranth 
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#2
18th November 2006, 05:57 PM
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Re: UTI Bank Chart Pattern
HAI,
YOU HAVE SELECTED GOOD SCRIP. THE COUNTER IS IN STRONG UP TREND ON WEEKLY CHARTS. THE OVER ALL PRICE AND INDICATOR STUDY INDICATES BULLISH MOVE. HOWEVER, THERE IS STRONG CHANCE THAT THE SCRIP MAY REACT OR CONSOLIDATE ON WEEKLY BASIS. NO ONE CAN PREDICT FUTURE EXACT!!!! SO DONT SPECULATIVE AS SPRIP IS COSTLY OR HAS RUN HIGH OR MARKETS ARE HIGH. OBEY SIGNALS FOR ENTRY AND EXIT.  STRATEGY: GOOD BUY SIGNAL WILL BE GIVEN ON THE WEEKY BASIS WHENSTOCK PRICE REACTS OR CONSOLIDATE. THE RSI HAS TOUCHED 80 LEVEL ON WEEKLY CHARTS, LET IT COME DOWN IN 60 - 40 RANGE AND THEN THE CROSS OF PRICE ABOVE 20 PERIOD MV IF PRICE DOES NOT CROSS , KEEP AWAY. CHEERS WINSTON 
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