ADSL (Allied Digital Services) In A Bearish Dive

ADSL (Allied Digital Services Ltd) Weekly NSE Stock Chart Technical Analysis:
(As this is a weekly chart, each bar/candlestick represents 1 week of activity)

ADSL had remained sideways for more than an year, before it finally made a bearish breakout in Nov 10.  Since then, the stock price has continuously fallen.

Close & CMP: 155.35

Market Outlook:

• The price could make a small upward correction but then will fall downwards again.
• The next level of support where the price should get some consolidation is at 140.
• ADSL का भाव नवम्बर से गिर रहा है.  इस वक़्त इसमें थोड़े से उपरी मुदाव की सम्भावना है, पर रुख तो नीचे की तरफ ही है.  १४० के पास इस को सुप्पोर्ट मिलना चहिये.

Technical Indicators:

• Three black crows has appeared on the weekly chart, a strong bearish signal.
• 3 important trendlines converged at 195.  The price failed to break above 195 and has remained below.  This is a double bearish signal followed by the preceding bearish breakout in November 2010.
• The price is currently trading within a price channel.
• All indicators are pointing towards the possibility of an upward correction.  So the price could go upwards and hit its resistance in the price channel between 175-155 and then fall back again.
• 140 is a good support level and some sideways movement and consolidation can be expected at this level.
• Overall, a bearish movement in ADSL.  Let's see what happens in the 140-120 price range, which is a support zone for ADSL.  

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ADSL (Allied Digital Services Ltd) Weekly NSE Stock Chart Technical Analysis


(analyzed for Ravichandran, Bangalore)