Published January 9, 2019
Getting straight to the analysis today: one positive stock and one to stay away from.
Coromandel International has broken up through the falling trend channel in the medium term. The stock price is making higher tops and bottoms which may indicate the starting of a new uptrend.
The stock has given a buy signal from an inverted head and shoulders formation both in the medium and long term. Target from the formation is around 505 rupees, while there is support around 436-430 and further at 400 rupees.
Positive volume balance and rising RSI curve support the rising price. The stock is overall assessed as technically positive for the short to medium term.
Recommendation one to six months: Positive
Tata Steel Limited has been inside a falling trend channel since last year in all time frames. This signals increasing pessimism among investors and indicates further decline for Tata Steel Limited. The stock has recently fallen below the support at 500 rupees and initiated a new sell signal. Further downside in TataSteel is suggested.
The longer term chart has support at 360 and resistance around 540 rupees.
The volume balance indicator is negative which indicates higher volume with falling price and falling volume with price correction. This weakens the stock further.
Recommendation one to six months: Negative
The analyses are based on closing price as per January 8, 2019. Maintaining proper stop loss is always recommended.
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The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.
Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.