KS Oils: Correcting after a fall

K.S. OILS Daily BSE Stock Chart Technical Analysis:

KS oils has fallen quite sharply in 2010 and is right now near its lowest price range in the last 3 years. 

Close & CMP: 32.40 

• Currently the price is traveling within a price channel as is visible on the chart.
• Rs30 is the important support level for this stock price.  If it falls below 30, we can only wait for it to return.
• At this point though, falling below 30 is unlikely.  The price can be expected to hit 30-31 and then rise back to 33-34 making small swings.  After that, it is important what happens. If the price rises above the price channel's upper trendline, there might be a breakout with high volume and this can be traded with a long position.
• The current price channel is a decreasing triangle double zigzag A-B-C Elliott Wave correction unfolding.  This means that we should wait before taking long-term positions on this stock and wait for an impulse wave (trend) to emerge. 
• However, you can still trade any breakouts above the price channel as discussed above as this may be a good short term opportunity.  Keep your stoploss tight if and when you make this trade.
• KS Oils के शेयर का भाव त्रिकोण आकर में चल रहा है, जैसा की आप चार्ट पर देख सकते हैं.  ३० पर इसका पक्का सुप्पोर्ट है.  ३० के नीचे गिरा तो फिर राह देखनी पड़ेगी की वापिस लौटे.  और अगर यह भाव के त्रिकोण से ऊपर निकल गया आचे वोल्यूम के साथ, तो फिर इसे खरीदा जा सकता है लेकिन स्टॉप लोस को कास के रखें क्यूंकि इसका अभी भी कोई भरोसा नहीं है, अभी तक कोई ट्रेंड नहीं दिख रहा है.   

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K.S. OILS Daily BSE Stock Chart Technical Analysis

(analyzed for Prashant, Rajkot)

Tata Steel: Struggling to return

TATA STEEL Daily NSE Stock Chart Technical Analysis:

Tata Steel Close & CMP: 613

• Tata Steel has a long term diagonal support line as visible on the chart.  This line crossed the diagonal resistance last week at the 638 price level.

• As is visible on the chart, the price fell below and remained below the diagonal line of support.  This is a negative signal.  As the diagonal line of support is moving upwards, it is obvious that the more time Tata Steel remains lower, this line of support will seem farther and farther.  

• Moreover, the diagonal line of resistance will now start pushing this stock's price lower.

• The only good luck charm is the support line at 578.  As long a this line withholds, one may feel safe.  However, if 578 is taken out, it's going to be dangerous for Tata Steel.

• A fall below 578 may be traded with a short position.

• For Elliott Wave Traders:  2 sets of A-B-C corrections seem to have occurred.  We are now looking at either the Wave 1 of the next bull trend, or Wave X for the next set of corrections.  If 578 is taken out, then we can conclude that we are in the next set of corrections and headed down for another Wave C.

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TATA STEEL Daily NSE Stock Chart Technical Analysis

IVRCL Infra: Trend Triangle

IVRCL INFRA NSE Stock Chart Technical Analysis:

• IVRCL Infra is traveling within a trend triangle since mid-Feb, as is visible on the chart.  
• Current Close & CMP: 74.15
  
• The price has hit the upper line of the trend triangle today and stopped exactly there.  By the end of month the stock price will make a decision whether it is headed upwards or downards.
• The price has taken support of the 20 DMA
• The current formation is a set of corrective A-B-C Elliott waves and there is a possibility that the price might rise to 84 if it breaks out from above the trend triangle.  Get ready to trade this short-term gain if the opportunity arises. 
• No indication for taking a long-term position on IVRCL yet, trade it only for short-term gains.
  
• IVRCL Infra फरवरी से ट्रेंड त्रिकोण में चल रहा है.  अगर ऊपर की तरफ जाता है तो ८४ तक जा सकता है.  अभी लम्बे समय के लिए इस पर पोसिशन लेने का कोई संकेत नहीं है, तो शोर्ट टर्म के लिए ही त्रदे करें.

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IVRCL INFRA NSE Stock Chart Technical Analysis