Today Dishtv made a high touching the 89 SMA at 42.67. The stock has broken its rising trendline starting from 3 Nov 2009 to 27 Nov 2009, which got broken on 15 Dec 2009.
DISHTV: EOD CHART Closeup:
However, the follow-up candle on 16 Dec was major bullish candle opening at 38.9 and stock today making a high of 42.6. However, the stock has not broken the trendline and stil looks in downtrend. This stock has a major falling candle (refer long term chart) which would be difficult to break. In case that is broken, can propel the stock to newer highs.
Long term Trendline chart:
Verdict: Plannin to go long above 44, would not mind adding some units here, but small quantity..Watch the below Pivot points for support and resistance:
| Levels | Monthly | Weekly |
| R2 | 53.28 | 43.98 |
| R1 | 46.42 | 42.17 |
| P | 39.13 | 40.53 |
| S1 | 32.27 | 38.72 |
| S2 | 24.98 | 37.08 |
Disclaimer: These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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