Sizzling Stocks – Technical Analysis – DLF
After testing its key long-term support in the band between Rs 250 and Rs 260, the stock nose-dived 11.6 per cent last week, conclusively breaking through it. The stock has been on an intermediate-term downtrend from its October 2009 peak of Rs 490. In October 2010, the stock peaked at Rs 397 and has been on a steady medium-term downtrend as well. It has fallen almost 44 per cent from this peak. The stock slipped below its 200-day moving average in last November and is also trading well below 50- and 200-day moving averages. Both daily and weekly relative strength indices are hovering in the bearish zone. Daily as well as weekly moving-average convergence-divergence oscillators are featuring in the negative territory.
A strong surge above Rs 330 only will alter the ongoing medium-term bearish view and lift the stock higher to Rs 390. Immediate resistance for the stock is in the band between Rs 250 and Rs 260. An emphatic close above this band can push DLF upward to the next resistances at Rs 280 and Rs 300. However, inability to breach this significant resistance band can drag the stock down to Rs 200 in the medium-term. Key support below Rs 200 is at Rs 180.
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