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Deepak Singh Tanwar
The performance of Oriental Bank of Commerce stock has been far from impressive. The stock had fallen from a peak of Rs 80 in mid-April this year to Rs 40.20 in mid-June.
After this fall, the stock remained in a narrow range of Rs 43-53. It was only last week that it fell below this level and touched an all time low of Rs 38. A drop below this level is a direct hint at an extremely bearish outlook.
In fact, a fall below Rs 40 makes it a resistance level, which should have acted as support level. Other major indicators such as moving averages, RSI, and MACD have also been supporting the bearish outlook.
The moving averages have been in a negative phase. Like the stock price, short as well long term RSI have touched an all time low. The position of MACD is no different.
As such, considering the position of price charts and oscillators, investors are advised to make an exit. Re-entry can be considered at lower levels.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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