DLF Limited Forecast

DLF Ltd - Daily
DLF Limited, traded on the National Stock exchange of India that rose from around 190 to 240 in a very short span of time is up for a reversal. Often, there are days when the stock spikes up and down leaving traders wondering as to where it is heading. At MoneyPlanters, we give you the real story behind the scenes and equip you for the right moves in the market.
The stock is in a clear downtrend that begun on the 28th of September 2012. Some sudden gains like the one that happened yesterday do not stand to change the general trend. The downward trend is still in place and is likely to continue for the next few sessions. Camarilla studies suggest that the stock is lying in between the monthly L3 and L4 levels, which is also a bearish indication. We can expect the stock to touch the L4 levels of 204 soon. There are no prominent Wolfe Wave patterns on the charts though.
DLF Hourly Chart
DLF Ltd - Hourly
Gann studies reveal that the current trend is due for a reversal on the 11th, 13th ,15th and 17th of this month. This is what could have happened yesterday. If the stock closes today above yesterday's high, we will deem the reversal to be confirmed and can expect some positive moves in the coming sessions.
Hourly charts depict that some resistance is expected near the 1 - 4 line as shown in the figure, which would however not be very difficult to break. In case the reversal is not confimed today, the downtrend will remain established and take the stock further down.

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