Ranbaxy Slumps To Near 4-Year Low - Stock Analysis




Tuesday, 18 June 2013
Ranbaxy EOD Chart


Ranbaxy Laboratories stock prices have been falling steeply during the last one month and the trend is likely to continue further as the charts depict. As we can see from the above image that EMA crossovers are deeply bearish and so are Wolfe Wave signals as can be seen from the chart below.


Ranbaxy Laboratories EOD Chart

The green line is the Wolfe target which is yet to be achieved by the stock and hence we may expect some more slides in the coming few sessions. There is a major support though at 346.55 which is the L3 support for the month. Once this level is penetrated, the next immediate targets are 317 and 270 respectively.


Ranbaxy Jun 2013 Future Open Interest



Ranbaxy Future Jun 2013 Price

Open Interest has been rising while prices have been falling for the futures contracts for quite some time. This indicates fresh shorts building up. Hence we may expect the stock to remain bearish for some more time.

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