KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis:
This week closed at Rs 38.65 on 5th Nov 2010 (This chart is updated only till 4th Nov).
The week opened at 38, went up to 41.4 but finally dropped to close at 38.65. So overall it was a bearish week after an initial rally.
Market Outlook: The steep fall in price will slow down next week, and the week wont witness a fall as big as the last 4 weeks.
Watch out for Rs 37. If the price remains below this level for 2-3 days, it might be another good opportunity to go short. A price above 44 is a good time to get back into this stock.
Technical Indicators:
This week ended with an inverted hammer candlestick formation which suggests slowing down of the price fall. Next week might even end higher than this week, though only by a small margin.
There is strong Fibonacci support at the CMP. It has the simultaneous support of both 61.8% Retracement and 61.8% Arc as is visible on the chart. This makes it a very important level which can make or break the coming weeks.
News:
The falling price might get help from the soon to be launched scooters. This will give some hope to the investors to show support to Kinetic Motors.
The sales for the quarter is also up as compared to the past quarters, and the liabilities of the company have also reduced significantly over the last year.
All this news means that there could be good times ahead. The stock may soon give buy signals and we'll be ready for it.
KINETIC MOTORS Weekly NSE Stock Chart Technical Analysis
