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Praj Industries Limited has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock is moving within a rectangle formation between support at 303 and resistance at 469.
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A decisive break
through one of these levels indicates the new
direction for the stock. The stock has
marginally broken up through resistance at
rupee 374. An established break predicts a
further rise. Positive volume balance shows
that volume is higher on days with rising
prices than days with falling prices.
This
indicates increasing optimism among
investors. The RSI curve shows a rising trend,
which could be an early signal of the start of a
rising trend for the price as well. The stock is
overall assessed as technically positive for
the medium long term.
