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Deepak Singh Tanwar
July 24: With the latest fall to Rs 60.15, besides touching its eight-and-half year low, the stock price of Bombay Dyeing has broken a strong support level.
The price chart is extremely bearish. Both the short-term as well the long-term averages are in the negative phase and the price is below these moving averages. Oscillators like RSI and MACD are also close to their all time lows. After the support level of Rs 73 was broken, another support level is also very far from the present level.
With indicators, averages and the price pattern hinting at a bleak outlook, the stock is likely to dip further. As such, an exit at the current level appears to be a better option. July 24: With the latest fall to Rs 60.15, besides touching its eight-and-half year low, the stock price of Bombay Dyeing has broken a strong support level.
The price chart is extremely bearish. Both the short-term as well the long-term averages are in the negative phase and the price is below these moving averages. Oscillators like RSI and MACD are also close to their all time lows. After the support level of Rs 73 was broken, another support level is also very far from the present level.
With indicators, averages and the price pattern hinting at a bleak outlook, the stock is likely to dip further. As such, an exit at the current level appears to be a better option.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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