Sterlite Techno: Bungee Jumping

STERLITE TECHNO Weekly NSE Stock Chart Technical Analysis:
(This is a weekly chart so each bar/candlestick represents one week of activity)

Sterlite Techno fell another day today.  Close & CMP: 63.45

Market Outlook:

• The stock price has continuously fallen since July 2010.  And it is not showing any major recovery signs as of yet.
• It should make an upward correction on hitting Rs 58 price levels.
• After hitting 58 and going upwards again, it will try to head for 72.  If it rises above 72, then there is hope for this stock.

Technical Indicators:

• The price has been continuously falling since 7 months within a steep downward price channel. Currently, the price is headed towards its expected support level at 58.
• We can make a trade decision based on how it behaves near 58.
• The weekly chart has created the Three Black Crows formation (though this week is only 2 days old and there are still 4 more days for the weekly candle to change this formation).
• The stock price is deeply oversold since a long time, and hence a correction might be due anytime soon.
• The volume has also dipped, another sign that an upward correction could take place very soon.

All posts related to Sterlite Techno


STERLITE TECHNO Daily NSE Stock Chart Technical Analysis


(analyzed for Alok, Noida)