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ADANIPORTS: Closing below Lower Channel line

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ADANIPORTS Technical View

ADANIPORTS daily chart (7-Sept-2015):

ADANIPORTS closing below channel line

Few observations based on the above chart:

  • ADANIPORTS has closed below the green channel line shown above.
  • It has closed below 20-Day SMA, 50-Day SMA and 100-Day SMA. Next unlikely support is near 200-Day SMA near 314 levels
  • It retraced about 61.8% of the last major rise from 288 but there was no visible support or bullback in today’s sell-off.
  • MACD is in sell mode for quite some time.
  • With today’s price action, it made a lower low after August 24th (Lower high was made on Aug 31st)
  • The lower line in the channel will now act as resistance for the time being.
  • Today was overall low to moderate volume day compared to an average trading day in the market, hence tomorrow’s price action has to be watched carefully. Daily Volume Compared to average Volume
  • Today’s volume was 2,581k compared to average daily volume of 6,287k on this stock.
  • A further fall with high volumes tomorrow could take ADANIPORTS to 290~295 levels in short term.
  • For quick analysis on ADANIPORTS check here.

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