As per the technical indicators, aban offshore entered in overbought zone and from this level, its further up move is suspicious..as you can see in the chart ..bollinger bands, RSI, W% R ,volume and slow stochastic ..all are indicating that the up move in aban is melted in last trading session when it closed at 1478.45 after making a high of 1517.00 and ended the session by making a shooting star candle stick pattern ..
SHOOTING STAR
Recognition: One candle pattern appearing in an uptrend. The shadow (or tail) should be at least two times the length of the body. The color of the body is not important, although a black body has slightly more Bearish indications.
Pattern Psychology: After a strong uptrend the Bulls appear to still be in control with price opening higher, but by the end of the day the Bears step in and take the price back down to the lower end of the trading range. Lower trading the next day reinforces the probability of a pullback
So it is advised to exit from the stock...and pocket the fruits of your investment. Those who are still loving the stock may accumulate it again at 1330.00 level as if, it starts southward move than may got supported at 1330.00 level
What a grand & clearcut analysis?
ReplyDeleteI salute you from the core of my heart.
Pl.keep up
thanks
mks