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We recommend a sell in the stock of UCO Bank from a short-term perspective. It is seen from the charts of the stock that after bottoming out registering its 52-week low at Rs 44.8 in early January this year, the stock started to move higher. It was on a steady medium-term uptrend. But, the stock's significant long-term resistance band between Rs 95 and Rs 100 halted its uptrend on February 17.
Further, triggered by negative divergence in daily relative strength index and rate of change indicator, the stock is reversing its trend downwards. Experiencing selling pressure, the stock fell six per cent with above average volume on Wednesday. The stock's daily relative strength index is correcting from the over-bought territory and weekly RSI is on the brink of entering into the neutral region from the bullish zone.
The daily moving average convergence divergence indicator is hovering in the over-sold area signalling further declines in the stock's price. We are bearish on the stock from a short-term perspective. We expect the stock's decline to continue and reach our price target of Rs 82 or Rs 79 in the forthcoming sessions. Traders with short-term perspective can consider selling the stock with stop-loss at Rs 86.5.
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