Consolidation or Distribution
Kotak CMP 1746
Trendline- break of a long term trendline should raise some red flags. The stock has been consolidating since 2020 and has now broken the trendline is very negative. Hence this consolidation is distribution to me.
Fibs- the dip to 38.2% is strength. However the consolidation above it has negated the view of strength.
RSI - the oscillator falling below the averages is again negative.
Conclusion- use this rally to book profits.
Trendline- break of a long term trendline should raise some red flags. The stock has been consolidating since 2020 and has now broken the trendline is very negative. Hence this consolidation is distribution to me.
Fibs- the dip to 38.2% is strength. However the consolidation above it has negated the view of strength.
RSI - the oscillator falling below the averages is again negative.
Conclusion- use this rally to book profits.
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