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Breakdown stocks (ABB, GAIL, BHARTIARTL )

Discussion in 'Technical Analysis' started by sujan4bw, Jul 24, 2012.

  1. sujan4bw

    sujan4bw Member

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    Hi All,

    What is your view on following stocks ? My view is breakdown and can initiate short positions?

    ABB - broken at 745.
    GAIL - Broken at 345
    HDIL - broken at 82
    Bhartiartl - (actually broken at 318....again broken at second support 305)

    Only stock for possible break out today is ACC (if it break 1281)

    Regards
    Sujan
     
    Last edited: Jul 24, 2012
    sujan4bw, Jul 24, 2012
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  2. sujan4bw

    sujan4bw Member

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    As said ACC break out on upside. it crossed 1282 resistance level today.
     
    sujan4bw, Jul 25, 2012
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  3. sujan4bw

    sujan4bw Member

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    sujan4bw, Jul 25, 2012
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  4. shabbir

    shabbir Administrator Staff Member

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    Can you explain why you are seeing 1280 as major level?

    It was a spike before July but that spike is already taken out in first week of July
     
    shabbir, Jul 25, 2012
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  5. shabbir

    shabbir Administrator Staff Member

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    For ACC 1240 should be your stop if you are getting into this stock.
     
    shabbir, Jul 25, 2012
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  6. sujan4bw

    sujan4bw Member

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    Hi Sahbbir,

    On 18-07-2012 its high was 1281.40. since from yesterday there was bounce back in this stock. today it opened lower than yesterday and crossed yesterday's high.

    I took 18th high as resistance...that is where i choose 1281.40 .

    Please correct me If Im wrong here.

    Regards
    Sujan
     
    sujan4bw, Jul 25, 2012
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  7. shabbir

    shabbir Administrator Staff Member

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    Sujan, the high on 18th is 1281 but then the range on 18th was between 1242 to 1281 and so this range becomes the consolidation range and break out or break down can result in a pattern.

    What you have identified is correct as resistance but then shorting should be when support is cracked and not at resistances. You can sell around resistance level for re-enter lower once again.
     
    shabbir, Jul 25, 2012
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