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You are here : IndiaNotes >> Research & Analysis >> Companies >> Reliance Communications Ltd. >> Research

Technical Stock Idea: Sell RCOM between CMP & 25.25

HDFC Sec | 09 Aug, 2017  | Follow Author | Add to my Favourites 
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Reliance Communications Ltd (RCOM):



Observation:

  • The  attached  weekly  timeframe  chart  of  this  telecom  stock  Reliance  Communications  Ltd  (RCOM)  is  indicating  an intermediate downtrend in the stock price over the last many months.
  • The upside bounce back of the last 4-5 weeks seems to have completed  recently  and the stock price has slipped into sharp decline during last week. This week saw follow-through weakness after a small intra-week bounce.
  • We observe larger negative sequence of lower tops and bottoms and the recent swing high of  previous  week (Rs.26.70) could now be considered as a new lower top of the sequence. Hence, one may expect  continuation of weakness from here as per this negative sequence.
  • Weekly 14 period RSI  is now placed  just  below 40 levels.  Weekly RSI has been moving as per bearish high low range  over the last many months  (60-50 to 30-25 levels) and the RSI turning down from near 40 levels could mean strengthening of downside momentum in the stock price ahead.
  • The negative chart and momentum indicator is suggesting a sell trade opportunity in RCOM for near term. One may look to sell this stock as per 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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