Trading Pick for 31st December 2009 -BEML

BEML (1107)

After successful formation of “Three White Soldier” bullish pattern on 29th December, the stock went into overbought zone.  Yesterday, the Stock has formed “Dark Cloud cover” bearish candlestick pattern on daily chart. Daily RSI has given negative crossover in overbought zone. After looking at all the above, weakness is likely to persist in coming days also. Trader with moderate risk appetite can sell below Rs.1104 with a stop loss of Rs.1122 on closing basis for a Target of Rs.1065.

View by Analyst Dhawal Joshi -www.freestockmagic.blogspot.com