Shown below is the weekly chart of Tata Communications Ltd. Note the following:
- The stock was under a long downtrend since May’ 09;
- Last week price has formed a big white candle accompanied by huge volumes;
- The price has begun tagging the upper band indicating the beginning of an uptrend;
- RSI has moved above 60 levels.
One can go long on Tata Comm at CMP with stop loss of 300 for targets of 380 & 400.
www.malkansview.com
{ 2 comments… read them below or add one }
What are your views on the market? it looks like making a top… in such case will it be good to take fresh long positions in stocks?
thanks.
Keep posting stuff like this i really like it