Maruti Weekly, Daily Candle Chart Analysis [27- Jan - 2014 ]
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| WEEKLY CANDLE CHART |
- Candle 1 : Is Last Bullish Engulfing in an uptrend.
- Candle 2 : Is a Bearish Harami at the upper end of the Long Green Candle, signalling move will halt for few session , and will went sideways.
- Candle 3 : Is a Spinning top, with long upper shadows, with high volume, shows there is heavy supply at high prices, & slackening in demand at higher prices.
- Candle 4 : Is looks like a doji, with long upper shadow, which is again a bearish signal.
- Combined View of all such candles : Out of 6 six candle , four candles are Red/Bearish Candle.
- Blended Candle: If we combine all such candles, a candle in the shape of dark cloud cover will be formed.
- Support : 1690-92, 1667, 1659, 1600, 1560.
- Resistance : 1722, 1755.
- Stock is moving under its 25 & 50 day moving average, which indicates, short- term & intermediate trend is weak.
- Up-trending Channel is also broken.
- However a little bounce can be seen till, 1722, 1755.
- A Head & Shoulder Pattern is also seen,neckline of which is at 1759 , which ultimately gives a target of 1659.
- 100 day moving average stands at 1600
- 200 day moving average stands at 1550
- There is a rising window support zone at 1529-1565.
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