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Wheels India Limited has broken the rising trend up in the medium long term. This signals an even stronger rate of growth, but the positive development may result in corrections down in the short term. The moving average indicator has also given a positive signal. In isolation, this signals a continued rise, but the slowness of the indicator often means that one has lost much of the upside. The stock has broken up through resistance at rupee 740. This predicts a further rise.
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In case of negative reactions,
there will now be support at rupee 740.
Positive volume balance indicates that
volume is high on days with rising prices and
low on days with falling prices, which
strengthens the stock. The short term
momentum of the stock is strongly positive,
with RSI above 70. This indicates increasing
optimism among investors and further price
increase for Wheels India Limited. RSI
diverges negatively against the price, which
indicates danger of a reaction downwards.
The stock is overall assessed as technically
positive for the medium long term.
