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Drumbeat: Ad Buzzaar
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Wednesday, August 5, 1998
Oriental Bank to remain bearish
Deepak Singh Tanwar
After a fall from Rs 72 to Rs 40, the stock price of Oriental Bank of Commerce had recovered to a high of Rs 52 recently. This level was a major resistance and the stock failed to cross this level which is a very negative sign. The stock has now fallen to Rs 47.Other indicators also confirm the weakness on the counter. The medium term MACD has dipped below the triggerline. The weekly moving averages are in the negative phase. The position of the 21-day RSI is also far from impressive. An exit is suggested at the current level. Short-seller can keep a stop loss at Rs 52. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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