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Deepak Singh Tanwar
Bharat Petroleum counter has been in the bearish phase since August 1997 and chances of a recovery are not in sight. Even the rally which occurred during the month of October was nothing but a technical correction to its previous fall. The stock had recovered from Rs 202 to Rs 272 in October.
However, the stock has now declined to Rs 247. This fall in nothing but a pointer towards another round of downtrend. The fall has accelerated in the past two days and has been supported by huge jump in volume. While moving averages have once again turned negative (12-day moving average is below the 48-day moving averages), the position of oscillators such as RSI and MACD is far from impressive. The medium term is below the triggerline and is expected to remain in negative zone. Overall, for those who have taken a long position at lower levels, an exit at the current level appears logical. Re-entry can be considered at later stage.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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