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Friday, April 23, 2010
EKC
Investors with short-term trading perspective can consider selling the stock of Everest Kanto Cylinder. This stock was one of the underperformers of 2009. It could not move beyond its June 2009 peak of Rs 238 and declined to the low of Rs 108 by the end of this February. The stock is currently trading well below its medium-term support at Rs 144 and a close above this level is needed to review the medium-term view.
The short-term trend in the stock is down since the April 8 peak of Rs 131. The pull-back witnessed over the last three sessions halted at the key short-term resistance at Rs 121. The 50-day simple moving average present at this level will also act as a hurdle in the near-term. Daily rate of change oscillator as well as the moving average convergence divergence oscillator is featuring in the negative zone denoting that the short-term view is negative.
Investors with short-term perspective can sell the stock with stop at Rs 121.5. Targets for the stock are Rs 114 and Rs 110.
via BL