A clear negative divergence in the price and RSI is visible on the charts. The prices of ZEE are moving up while the RSI is making lower tops, technically the upside in ZEE will loose momentum and retrace to previous supports.
Together with divergence today the candles patterns have given a clear verdict for fall. After a small doji like formation, ZEE fell breached the lows of the last 2 trading sesions. A volume analysis on the last 3 days show that on 16th Aug 12 trading ZEE recorded the highest volumes in comparison to the last few days of trading. This adds more weight to our bearish view on ZEE for the next couple of weeks.
ACTION - Sell on rise with a SL of 175.5. Target 161
Heeta Luthra, Technical Analyst
Team TopdataIndia
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1 comment:
Bearish trend persists
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