Bata has been in a range for quiet a while it has tried to breach and sustain over the 1400 levels but the bears seem to be standing strong there. The stock has tested the area multiple time only to be sold off next. If the smaller trend line is respected and the stock reverses, We will have to see whether the 1400 level is taken off or not. If it happens the stock might resume a new up trend and in case the smaller trend line is breached downwards the stock might test the bigger trend line and further 1250 levels.(Long shot it is). The Green line is the 9 EMA and the red line is the 200 EMA. Both of them are acting as a good support/resistance throughout the chart and can be used to trade.
With results season beginning technicals might be over powered by the fundamentals. All Bluechips will be coming out with their results soon, we will have to wait and watch whether the results of the Second Quarter will define a new trend in the market or not.
Trade with Caution.
With results season beginning technicals might be over powered by the fundamentals. All Bluechips will be coming out with their results soon, we will have to wait and watch whether the results of the Second Quarter will define a new trend in the market or not.
Trade with Caution.