Channel Break-Out
Sat, Jul 13, 2013 12:00 AM on Technical Analysis,
52 Weeks High : Rs. 321
52 Weeks Low : Rs. 156
180 Days Average Price: Rs. 257
Last Week
Open: Rs.257
High: Rs.268
Low: Rs.253
Close : Rs.260
Volume: 11,289
Candlesticks
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened.
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 22 white candles and 26 black candles for a net of 4 black candles.
Bollinger Bands
On 7/11/2013, Citizens Bank International closed below the upper band by 23.4%.
Bollinger Bands are 25.91% narrower than normal. The current width of the bands (alone) does not suggest anything conclusive about the future volatility or movement of prices.
Relative Strength Index
The current value for the 14 period RSI is 54.85.
Support (Rs.): 252, 245, 230, 215
Resistance(Rs.): 267, 275, 290, 305
Recommendation
Channel trading of Citizen’s Bank International, break out on 25th June with 2227 volume. Price retested its support level of Rs. 245 level on 3rd July. It couldn’t breach the support level and gradually started moving from Rs. 245 to Rs. 268. Current market price is Rs.260 which is above its 180 days moving average indicating bullish trend.
Based on the chart and Indicators above, buy this stock at Rs. 250 – Rs.260 with the target of Rs. 290. Below Rs. 245 would be a danger level for this stock.
Sagun Shakya
Technical Analyst
Opinions expressed are those of the individual authors and do not necessarily represent the opinion of sharesansar.com This commentary is a guideline to interpreting the specified indicators. This information should only be used by investors who are aware of the risk inherent in securities trading. IMS Investment Management Services Pvt. Ltd accepts no liability whatsoever for any loss arising from any use of this contents.
