Wednesday, July 7, 2010

ACC Analysis dated 6th Jul 2010

Seems that ACC has completed Wave 2 on upside. The retracement is not a wave 2 typical retracement, the retracement currently is only 38.2%.

ACC shall be a sell below TL1 (Rs. 836), which shall lead to a cup and handle structure, with a price target of Rs. 789, from the lip of cup at 836. This is bearish setup. THe stock has given a negative crossover of 3 major EMAs (5,13, 34) and is coupled with a drop in ATR. As mentioned in previous post in Reliance, a low in ATR generally marks a change in trend. A break above 863 shall be bullish for the stock and break below 836 shall be bearish.

ACC EOD Chart Wave Count

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. We are all students

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