Sterlite Techno: Bungee Jumping

STERLITE TECHNO Weekly NSE Stock Chart Technical Analysis:
(This is a weekly chart so each bar/candlestick represents one week of activity)

Sterlite Techno fell another day today.  Close & CMP: 63.45

Market Outlook:

• The stock price has continuously fallen since July 2010.  And it is not showing any major recovery signs as of yet.
• It should make an upward correction on hitting Rs 58 price levels.
• After hitting 58 and going upwards again, it will try to head for 72.  If it rises above 72, then there is hope for this stock.

Technical Indicators:

• The price has been continuously falling since 7 months within a steep downward price channel. Currently, the price is headed towards its expected support level at 58.
• We can make a trade decision based on how it behaves near 58.
• The weekly chart has created the Three Black Crows formation (though this week is only 2 days old and there are still 4 more days for the weekly candle to change this formation).
• The stock price is deeply oversold since a long time, and hence a correction might be due anytime soon.
• The volume has also dipped, another sign that an upward correction could take place very soon.

All posts related to Sterlite Techno


STERLITE TECHNO Daily NSE Stock Chart Technical Analysis


(analyzed for Alok, Noida)

Sterlite Techno: Bullish Breakout

STERLITE TECHNO Daily NSE Stock Chart Technical Analysis:


Sterlite Techno closed at 74, about 2.77% above its resistance which is @72.

• This is a bullish signal and can be traded with first target @ 79-81 and SL at 70. 
• If price breaks above 82, it is a very good signal  But falling below 72 is negative.
• For recent detailed analysis of Sterlite Techno, click here

STERLITE TECHNO Daily NSE Stock Chart Technical Analysis

Sterlite Techno: Huffing and Puffing to rise past 72

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


Sterlite Industries has remained range bound for the last 2 weeks and move between 69-72.
Today's Close & CMP: 71.6

Market Outlook:

• The price is facing stiff resistance at 72 where it is currently consolidating.
• Closing above 72 with higher trading volumes might suggest a hopeful correction.

Technical Indicators:

• The price peaked in June, since then it has been falling continuously. 
• The fall is in a cascading motion, with natural consolidation near each Fibonacci Retracement.  Currently the price is consolidating just below its 61.8% retracement level.
• There are 2 lines of support and resistance, which have created a price channel and are driving the stock price downards
• There might be a chance to make some short term money if the price closes above 72, then it could go to 82 before falling back.
• As of now, no signs that this will recover and go higher up.  Wouldn't recommend getting into the stock at the moment.

STERLITE INDUSTRIES Daily NSE Stock Chart Technical Analysis


(analyzed for Prashant, Rajkot)