ADANI POWER LTD

Daily Chart

• Stock is Trading under 30 day moving average and average is curving over.
• Stock is Facing resistance at 30 day moving average from past 5 trading sessions [ Formed four small bodied candles with shadows on both sides, representing tug of war between bulls and bears, out of which 3 are balck bodied, and one long black candle is formed at 5 th day, which opened at its high and closed at its low, showing that bears have taken control over bulls.
• Hence stock may test 50% retracement of its previous rally [ 31.8 - 59.25 ], standing at 45.66. and also 61.8% retracement at 42.7, which is also a previous top and can serve as a good support for the stock.
• However 60 day moving average is still moving-up.
• Upward Channel breakdown is seen on the charts.
• On- Balance Volume is also declining.
• Volume is also diminishing.
• RSI is curving up.
• Negative crossover is seen in stochastic.
• MACD is also turning down and its bars are also rising on the downside.