DREDGING CORP. OF INDIA LTD -- DREDGECORP.IN
Following a prolonged down move and some subsequent bottom-finding, DREDGECORP is set to confirm its reversal. The stock is currently breaking out of a falling trend line resistance, which begins from 479 and joins the subsequent lower tops. In the process, the stock has also formed a complex inverted head-and-shoulder formation, which is bullish. The RS line, when compared against the broader markets, has also reversed its trajectory and has penetrated its 50-DMA. With the price ending outside the upper Bollinger band, the possibility of the stock making a sharp move has increased. A close below 395 will be negative for the stock.
Milan Vaishnav, CMT, MSTA
Consulting Technical Analyst
www.EquityResearch.asia
Disclosure pursuant to Clause 19 of SEBI (Research Analysts) Regulations 2014: Analyst, Family Members or his Associates hold no financial interest below 1% or higher than 1% and have not received any compensation from the Companies discussed.
