Oil India Remained Under Pressure Amidst Excess Liquidity - Dollar Advisory Financial Services

Breaking

Monday 19 June 2017

Oil India Remained Under Pressure Amidst Excess Liquidity

Buy Bharat Forge, Colgate, Federal Bank; sell Sun Pharma: Ashwani Gujral
Oil India remained under pressure amidst excess liquidity and profit-booking as stock has retraced 50 percent of prior up-move. In the last week, its long-term moving average 100-week SMA has saved the stock from extending losses and also supported a positive close.

Due to prior decline, key technical indicators-Stochastic and RSI slipped into their oversold zone, hence a rebound cannot be ruled out in the stock before it resumes the downtrend.

On the higher side, the stock will face some resistance around its moving averages, but a major hurdle observed at around Rs 330 and then at Rs 340, which is coinciding with 23.6 percent Fibonacci Retracement level of previous up-move and prior highs respectively.

For more information Call us ✆ +91 9111-179961 or Visit Dollar Advisory

No comments:

Post a Comment