TATA ELXSI
- As per previous report published on TATA ELXSI, stock has shown weakness from its trend line resistance @ 671 and after that made a low aroud 562. (Click here to see previous report published on TATA ELXSI).
- Now current technical charts indicates that stock is facing golden ratio resistance around 630, as long as stock trades below trend will not be clear and stock will zig zag, but once it closes and stays above 630 then bulls will get active again and can take stock to its next resistance around 671. As shown in chart no1.
- Free Intraday pick - If stock starts trading above 630 during trading hours then we can see some intraday bulls action in TATA ELXSI.
- As per graph no2 , stock is moving up from 50% fibonacci retracement and strong trend line support, this indicates that bulls are active in this stock, so as long as holding in trend line support zone chances are high that Tata Elxsi will show some bullish move. But once stock closes below its trend line support then it will show first sign of weakness. Close Watch.
- Suggested Reading - GIC HOUSING FINANCE has formed double bottom formation, will favor bulls once it closes above its trend line resistance.
- By looking closely ar graph no3, it indicates that 100 days moving average is paying an important role in Tata Elxsi from last 4 times stock is bouncing back from 100 DMA this indicates bulls are active.
- Suggested Article - NSE holidays 2014.
- Even stock major indicator like "MACD"and "Stochastic Oscillator" is moving in positive zone, this indicates that Tata Elxsi can see come higher price in coming days. Other indicator "RSI" is moving below level 70 so this means stock is not in overbought zone and upside is clear so far.
- Click here to see all the free trading reports (tips) published by us on TATA ELXSI.
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