Stock in downtrend: REC
REC has made new highs of 650 levels in Aug 2024.
However, the 635 level could not be held beyond Sept 5, 2024.
The stock has been in a downtrend continuously.
20 EMA (Black line) has just crossed below 50 EMA (Orange line).
Previous support of 543 was also broken last week.
The bearish trend will likely continue as the Net Profit in Jun 2024 (Rs. 3,460Cr) has slightly fallen below Mar 2024 (Rs. 4,079Cr).
However, the stock has strong support around 494 levels.
However, the 635 level could not be held beyond Sept 5, 2024.
The stock has been in a downtrend continuously.
20 EMA (Black line) has just crossed below 50 EMA (Orange line).
Previous support of 543 was also broken last week.
The bearish trend will likely continue as the Net Profit in Jun 2024 (Rs. 3,460Cr) has slightly fallen below Mar 2024 (Rs. 4,079Cr).
However, the stock has strong support around 494 levels.
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