The market remained indecisive about the Airtel stock price on NSE. After 4 weeks of sharp fall, the price has found resistance and has moved sideways this week. The next week does not look very positive, but the sideways could continue and a further fall could remain curbed. The price should be able to remain supported and not fall below 310-320. Even if it does, it will quickly retrace upwards. If the price goes and remains lower than this price level, alarm bells are ringing!
- Airtel Weekly stock price chart on NSE shows a bearish candlestick. This is the 5th consecutive week that has ended with a bearish candlestick.
- However, this week's high and low are very similar to the last week's high and low.
- The price has found support just above the Fibonacci 50% level, which is an important support point.
- Coincidently, the current price level is also supported by the 40 week moving average (not shown on this chart). The moving averages have come close to each other, and the price could enjoy another upswing soon.
- The volume is average compared to other weeks.
- The stock price this week is closing in to its over sold levels, though its not completely oversold yet. One more week and the stock may hit the bottom and start rising again. Keep an eye on the oversold levels and a buy signal when it turns. The daily chart (not shown here) has suggested that the market will try to return upwards on Monday opening.
No comments:
Post a Comment
Post comments to share your thoughts and interact with me. Communication from you inspires me to keep posting !