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You are here : IndiaNotes >> Research & Analysis >> Companies >> Hindustan Construction Company Ltd. >> Research

Hindustan Construction Company: Sell between CMP & 39.75

HDFC Sec | 09 Aug, 2017  | Follow Author | Add to my Favourites 
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Hindustan Construction Company Ltd (HCC):



Observation:

  • The  attached  weekly  timeframe  chart  of  this  construction  company  (HCC)  is  indicating  a  larger  consolidation  movement over the last many months.
  • We  observe a descending triangle type  pattern at the highs (brown dashed trend lines) and the stock price is now making attempt to stage downside breakout of the consolidation pattern at Rs.38 levels.
  • The  positive sequence  of  higher  tops  and  bottoms,  which  was in  force  over  the  last  many  months  is  now  placed  at  the danger of negation. Hence further weakness from here could possibly resume a new down trended move in the stock price for near term.
  • Volume  is  picking  up  while  the  stock  price  is  showing  weakness  below  the  support,  which  is  suggesting  a  renewed participation of bears and this could mean sharp weakness for the stock price ahead.
  • Weekly ADX has reached the key lower levels of 13-14. Normally, a  beginning  of a new  trended moves  in the underlying coincides  with  the  lower  ADX  reading  at  12-15  levels.  Hence,  there  is  a  high  possibility  of  a  beginning  of  a  new  down trended move in the stock price for near term.
  • Overall negative chart and momentum indicators are suggesting a sell trade opportunity in HCC Ltd for near term. Look to sell this stock as per the levels mentioned above.

 


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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