FINOLEX CABLES
- As per previous report published on FINOLEX CABLES, stock showed some intraday action after breaking its resistance @ 221 , and made a high @ 225 but failed to closed above 221 and get back to its range bound zone. (Click here to see previous report published on FINOLEX CABLES).
- Now current chart indicates stock is moving in a range with some false breakout as shown in chart no1. Stock chart shows that earlier stock tried to break in range on down side but failed to closed below and bounced back, and recently too stock tried to break its range on upper side and failed to close above and fell down to its range. Close watch stock will give some clear direction once it close and stays above or below its range zone. Till then it will zig zag in its range.
- Suggested Reading - PETRONET LNG moving in a range bound zone , sharp move expecting when stock comes out.
- As per chart no 1 once Finolex Cables closes above 225 and holds above then stock will be in bulls grip for next few trading days.
- Intraday share tips - close watch when Finolex Cables starts trading above 225 during market hours if holds above then intraday bulls action is expecting.
- Technical also indicates that finolex cables is trading above its 100 days and 50 days moving average, so as long as it is trading above 100 DMA it will be favored by bulls, by looking closely from last 2 times it is moving up from 50 DMA this will favor bulls as long as holds above.
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- If Finolex Cables closes and stays above its current high @ 225 then will find next strong resistance around 237 its 161.8% fibonacci retracement.
- Click here to see all the free trading reports (tips) published by us on FINOLEX CABLES.
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