BF Utilities: Beware of this sudden rise

BF UTILITIES Daily NSE Stock Chart Technical Analysis:

BF Utilities jumped up for the 2nd successive day and was heavily traded on the stock exchange

Open:  873      Intraday High:  988     Close / CMP: 906

Market Outlook:

• The price closed well above yesterday
• But I'm skeptical that this rally will last.
• Don't buy BF Utilities yet, don't rush, wait.
• The price still needs to break resistance to prove that it is indeed going upwards.

Technical Indicators:

• This jump in price has been due to announcement by the company to get new capital worth Rs. 5 billion via FDI.  
• A shooting star candlestick has formed today.  
• Though the stock was heavily traded, there was more selling than buying.
• There is long term resistance line passing through at 1010, and the price has still to break through that one.
• All indicators are pointing at the fact that there is a chance that this price jump might not sustain.  We'll wait and watch before making a move on BF Utilities.

All previous posts about BF Utilities

BF UTILITIES Daily NSE Stock Chart Technical Analysis