3 Reasons To Sell Reliance Power




Tuesday, 30 July 2013
Reliance Power traded on the NSE and BSE is all set for a nice downward move. In today's post we list three reasons for going short on this counter for the next few weeks.

1. Elliott Waves

RPOWER Elliott Waves

As we can see from the image above, the Intermediate (Green), Primary (Crimson) and Cycle (Red) timeframes all show a negative wave in the making. A price range of around 60 is where we are looking towars in terms of targets for a very short term

2. Camarilla Levels

RPOWER EOD Chart

The stock has just entered in to the H5 resistance level of 76.9 and hence is expected to show some strong downward moves at least till the next Camarilla level of 70.9, where some support may be found.

3. EMA Crossovers

RPOWER EOD Chart

EMA crossovers have just begun to turn bearish as we see on the chart attached above. The 8 day EMA (Red) is about to cross and move below the 21 day counterpart, which will turn the bias of the stock to negative.

It is our advice to traders and investors to go short on the stock/future for the short term as we can see very likely negative movements in the sessions to come.

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