DABUR INDIA Daily NSE Stock Chart Technical Analysis:
This may look like a complicated chart, so don't rush through the explanation.
Dabur closed at 99.35 today after opening at 100.25. The price has been sideways for 4 days now after a big fall on 28 Oct '10.
Market Outlook: The price will remain sideways in the next 2-3 days. No trade signal.
In the meantime, it will find support near Rs 99 price level.
If this breaks, the next support is at Rs 96.5.
Technical Indicators:
The chart has formed a head and shoulders pattern.
The short term moving average has pierced the long term moving average from above.
The price is quite below even its 100 day moving average.
There is a 1-year old support trend line which has recently given support to the falling price at Rs 98.25 as seen on the chart. This line will extend support @ Rs. 99 levels in the next 3-4 days. The breach of this line downwards could be dangerous.
There is another point of support around Rs 96. If this too is broken, a downtrend is imminent.
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