Sizzling Stocks – Technical Analysis – TVS Motor – bearish from a medium-term perspective
TVS Motor plunged 13.6 per cent in the last week. The stock reversed direction in late November 2010, after encountering its long-term key resistance near Rs 85. Since then, it has been on a medium-term downtrend. It is hovering way below its 50 and 200-day moving averages. Both daily and weekly relative strength indices are featuring in the bearish zone. The daily moving average convergence divergence indicator is hovering in the negative territory and weekly MACD is on the verge of entering this zone. This indicates downward momentum.
We are bearish on the stock from a medium-term perspective. Its current downtrend can prolong further to Rs 50 and then to Rs 45. Key short-term resistances are pegged at Rs 60 and Rs 63. Significant medium-term resistances are at Rs 70 and Rs 75.
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