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.
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