Hi guys,
I am attaching a chart of IFCI upto closing of June 1, since 3 months.
Is this time to start taking profits part-by-part?
I feel so because:
However, looking at today's(June 2, 2009) price action, do you think a head-and-shoulders pattern is likely? One thing that prevents me from thinking in head-and-shoulder pattern is the volume. If we assume that the left shoulder is being formed now, then volume must be increasing in the last 7-10 sessions, which actually is not. Also, the EMA (Close, 20) and EMA (Close, 50) are still apart which means trend won't reverse.
Any comments? Should one take short positions on this scrip.
Thank you.
I am attaching a chart of IFCI upto closing of June 1, since 3 months.
Is this time to start taking profits part-by-part?
I feel so because:
- The MACD histogram shows increasing influence of bears
- MACD: Fast line has already crossed below the slow line
- Volume are decreasing fast
- ADX has already achieved a top and has started to flatten out
However, looking at today's(June 2, 2009) price action, do you think a head-and-shoulders pattern is likely? One thing that prevents me from thinking in head-and-shoulder pattern is the volume. If we assume that the left shoulder is being formed now, then volume must be increasing in the last 7-10 sessions, which actually is not. Also, the EMA (Close, 20) and EMA (Close, 50) are still apart which means trend won't reverse.
Any comments? Should one take short positions on this scrip.
Thank you.
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