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Published on 24/06/2019 4:06:51 PM | Source: Choice Broking Pvt Ltd

Sell Raymond Ltd For The Target Rs.695 - Choice Broking

Posted in Broking Firm Views - Short Term Report| #Textiles Sector #Raymond Ltd #Trading Report #Choice Broking

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* On a daily chart, the stock has given a breakout of its Rising Wedge formation which is a Bearish Reversal formation and indicates a downside movement in the counter.

* Moreover, the stock has been trading below its 21 & 50 Days Moving Average which suggests a negative momentum for the time being.

* On an hourly chart, the stock has been trading in a Downward Falling Channel formation which shows a southward movement in the counter.

* A daily momentum indicator RSI reading is at 34.08 level with a negative crossover which points out for a negative breath in the counter.

* Based on the above technical structure, we are expecting a downside movement in the counter in a few trading sessions.

Recommendation

Sell Raymond Group Ltd @ 742.35-745.00 Target 695 Stoploss 765

 

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