Technicals 23 November 2009
Canara Bank (371)
On Daily chart stock has made “Bullish Engulf” candle stick pattern with strong volume breakout. Stock closed in green after six days of continuous fall from the high of Rs. 394 on 12 November 2009. Daily RSI and Stochastic exhibiting positive crossover. As per Fibonacci study stock is trading above 62% retracement level of previous wave. Looking at all above evidence Trader can buy stock above Rs.372 with stop loss of Rs. 367 for a Target of Rs.382.
On Daily chart stock has made “Bullish Engulf” candle stick pattern with strong volume breakout. Stock closed in green after six days of continuous fall from the high of Rs. 394 on 12 November 2009. Daily RSI and Stochastic exhibiting positive crossover. As per Fibonacci study stock is trading above 62% retracement level of previous wave. Looking at all above evidence Trader can buy stock above Rs.372 with stop loss of Rs. 367 for a Target of Rs.382.
Anantraj Industries (144.50)
Stock has formed “Long white candle” bullish candle stick pattern with strong volume breakout on daily chart. Stock is forming continuously higher lows on daily chart and trying to come out from consolidation phase, strong volume and price pattern of Friday suggest bull may grip well in coming days. Daily RSI, Stochastic and MACDh is exhibiting positive sign on daily chart. weekly RSI showing strength. Looking at all above evidence Trader can Buy stock above Rs.145 With stop loss of Rs.140 for a Target of Rs. 156.
Stock has formed “Long white candle” bullish candle stick pattern with strong volume breakout on daily chart. Stock is forming continuously higher lows on daily chart and trying to come out from consolidation phase, strong volume and price pattern of Friday suggest bull may grip well in coming days. Daily RSI, Stochastic and MACDh is exhibiting positive sign on daily chart. weekly RSI showing strength. Looking at all above evidence Trader can Buy stock above Rs.145 With stop loss of Rs.140 for a Target of Rs. 156.
