Suzlon Rises but Won't Go Far

SUZLON Daily NSE Stock Chart Technical Analysis:

Suzlon made a U-turn today and closed higher than yesterday.

Open:  48.2     Close & CMP: 50.95

Market Outlook:

• The reversal has aroused hopes, but the strength seems weak and there is no sign yet that this will be a strong reversal.   
• It has only enough strength to carry it up to the resistance at 54.50.  I will raise my eyebrows to notice this stock if it goes above 56 in this same move.  Until then, refrain from getting in.

Technical Indicators:

• There is a support line at 48
• The resistance line has formed at 54.50, where the stock has faced resistance once in the last month as well.
• A Reverse Dark Cloud Cover pattern has formed, which is a positive sign.
• The momentum is already mid-way and the trading volume is moderate.  The current reversal seems short-lived.

SUZLON Daily NSE Stock Chart Technical Analysis