Shree Renuka Sugars: Headed Down

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis:

Shree Renuka Sugars was traded heavily today, and it fell slightly to close at 97.3.

Market Outlook:

• There price fell after touching its resistance line, it can be expected that the price will now fall.
• If it falls, there is an opportunity to go short on Renuka Sugars.  I'll try to update with tomorrow with chart and target.
• Watch out for tomorrow, if the price goes up instead, wait for the day to end above the resistance of 100.

Technical Indicators:

• A support line has turned hostile and is now acting as resistance line.
• The price made an intraday high and touched the resistance but then fell even below its opening price, making the resistance powerful.
• The stock price is well into the oversold levels.
• All of these are negative signs, indicating the stock could indeed be headed downwards for the time being.

SHREE RENUKA SUGARS  Daily NSE Stock Chart Technical Analysis