Friday, 10 May 2013

Chart Update: Ranbaxy

Ranbaxy Chart: 

One more Pharma sector chart  with bearish setup :). We have bearish hook formation on MACD and Stoch which suggest continuation of trend. On the upside resistance exist at 
  • Trend line resistance at 448 
  • 5day close ema at 446
  • 5 week close ema and 5 month close emat at 447.5.
  • 34 hr ema at 446
All in all 446-448 will be a hard nut to crack.  Sell on rise should be strategy in this counter with sl of 448.5

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