Balrampur Chini Mills Forecast



Balrampur Chini
Balrampur Chini Daily
With the recent Gann reversal on the 26th of June 2012 and a bounce on the 1 - 4 Wolfe wave line, Balrampur Chini was all set to zoom up to new levels. The stock did soar from around 48.5 to 56.85 which is again a Camarilla resistance level.
The next Gann reversal date is due on the 7th of July, 2012 which should be interpreted as 9th of July, 2012 since the 7th is a Saturday. In case the stock closes below 55.20 with a bearish candle, the reversal should be deemed to be valid. It is then that the stock is expected to show some negative movement and a short position can be taken. 

 
However, with the strength that it is demonstrating, it may break the H5 resistance which would again set it up for a strong bullish move. In case the reversal does not hold good on the 7th of July, 2012 further Gann reversals can be expected around the 18th or 19th of July, 2012.

Balrampur Chini
Balrampur Chini Hourly
On the hourly charts, Balrampur Chini Mills failed to touch the 1 - 4 target line after it bounced from the 1 - 3 line for a bearish move. The signals stopped us out when it broke the 1 - 3 - 5 line, which is a bullish indication. Then onwards, the stock soared higher and broke all Camarilla resistances. What remains to be seen is how it reacts to the new Camarilla levels being set for the next week and most importantly, the Gann reversal date that is due.





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