A heavy supply zone detected in RVNL.

28 нояб. 2022 г.

RVNL has reached all time high, in fact it reached multiple ATH this month alone. But as this month reaches its end, so does the rally in this stock and todays price movement proves it. As you can see, from this month, when this stock moved up it lasts long for 4 days, and then then a selling spree started which too lasts for 4 days. After that stock again continued its rally for around 5 days which, later accompanied by selling stretched till 6 days. Here don't consider number of days as rock solid because few variations are acceptable, and we traders know that. Now after 2 whole cycles of BUY-SELL are completed, third cycle takes place, and after 5 whole days of buying, I think that the stock will move down for another 5-6 days. And from averages of previous two downfalls, it is possible that CMP will decline by around 7.32%. Other important factor that supports this view is that, at around 80.30 level doji candlesticks are formed and not one 1 or 2 but after 1 p.m. today indecision prevailed.