Comments
With a 3.3 per cent drop on Wednesday, the stock of Oriental Bank of Commerce has plunged 11.5 per cent so far this week. This fall has conclusively breached a key support at around ₹260 levels, giving traders with a short-term perspective an opportunity to sell the stock. Since encountering an important resistance at ₹370 in early June, the stock has been on a medium-term downtrend.
Following a near-term sideways movement, the stock has resumed its downtrend. It is hovering well below its 21- and 50-day moving averages. The relative strength index on the daily chart has entered the bearish zone from the neutral region. Those indicators on the weekly chart are moving downwards in line with the trend. The short-term outlook for the stock is bearish. It can extend its fall and reach our price target of ₹244 and ₹238 in the forthcoming trading sessions. Sell the stock with a stop-loss at ₹259.5.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.