Stock- CAMS
Death Cross is observed in Daily Time Frame.
50MA has crossed 200MA from above
& now 200MA is acting as resistance,
It has formed like Double Bottom and rose up and gave breakout above the strong resistance and the resistance trend line but during reversal from bottom, no consecutive big bull candles are formed like the big red candles while going down, which shows Bulls are comparatively weak.
And the breakout candle is red candle and the volume is not good either of the current candle as well as the big bull candle near the breakout.
So i think more probability is breakout will fail and it will reverse downside.
Let me know your views in comments
Death Cross is observed in Daily Time Frame.
50MA has crossed 200MA from above
& now 200MA is acting as resistance,
It has formed like Double Bottom and rose up and gave breakout above the strong resistance and the resistance trend line but during reversal from bottom, no consecutive big bull candles are formed like the big red candles while going down, which shows Bulls are comparatively weak.
And the breakout candle is red candle and the volume is not good either of the current candle as well as the big bull candle near the breakout.
So i think more probability is breakout will fail and it will reverse downside.
Let me know your views in comments