Kinetic Motors Weekly: 8-12 Nov '10: Resistance @ 43

KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis:

The week ended with a fall.

It opened on 8th at 40.05 and closed on Friday with CMP 38.2.  In the meanwhile it managed to make an intra week high of 43.25.

Market Outlook:

• As expected in last week's post, the price enjoyed the support of Rs. 37.5 and closed above it.
• This week the price could fall further.  If it does, it should close between 35 and 37.5.
• If the price rises, which seems unlikely, it will again face resistance at Rs. 44.

Technical Indicators:

• Fibonacci 61.8% support of retracements as well as arc at Rs. 37.50.
• Candlestick shows that the week began with buying but ended with selling.  The selling could continue next week, and price could fall further.   

KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis