Tuesday, December 22, 2009


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.


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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