Random Observation

In this article, I want to focus on few stock charts which grabbed my attention. Take a look

United Spirits = 52 week High

United Spirits just touched a new 52 week high. The stock is now interestingly poised for 1300-1400 target price provided broader market setup helps the stock….

Below you can see a weekly chart which shows how stock first broke down below 1000 levels in October last year and then struggled to move past it.

Source: ChartAlert [www.chartalert.com]

One thing we can say with higher probability - stock has absorbed all the supply around 1000 levels and now as long as stock holds 1000 - it is good for 1300.

Jain Irrigation: Somebody is buying the stock big time

Jain Irrigation is not a trade worthy stock. It more belongs to buy and hold category. Last week, when there was turbulence in the broader market - here’s one stock which saw huge spurt in volume but no price impact.

Source: ChartAlert [www.chartalert.com]

Considering the volume set-up, it is a stock to keep an eye on.

XL Telecom: Institutional Selling

There is always bear market somewhere. XL Telcom is getting hammered everyday. Yesterday, Morgan Stanley sold 150 000 shares.

Source: ChartAlert [www.chartalert.com]

The chart really looks like falling knife

This article is based on random observation of stock charts. I hope you found it useful. As always, please note this is not a trading recommendation.