iCharts Discussions

PrashantSarnaik · White Belt Joined: 02 Dec 2010 Posts: 26

This is for the experts to put some light on itraday activity of Gitanjali gems. The stock had given breakout yesterday, today morning it came down to 318 levels and then recovered smartly @ 12.30 and suggested that it will hold the breakout but suddenly @ 3.20PM huge selling the stock went down to 318 but closed @ 324.00. If any body can suggest what would have been the activity which created this kind of intrady chart i.e 5 min or 15 min u can see on both of them.
Thanks

casper · Green Belt Joined: 02 Oct 2010 Posts: 1315

i am not an expert jeweler but this "gem" looks fishy detective

it had - div in 5 and 15 tf

and as per chart, it took support at 316...... not at 318

316 is monthly r1 level..... normally a strong sup/resi

some one wid big pocket has sold and some aggressive tsl were eaten, a huge selling came widin a fraction of time. shall we call it a "selling climax for it"?? Rolling Eyes

however if one had a keen eye on it, then rsi wud hv told him much earlier that this was going to happen

anantha · White Belt Joined: 18 Feb 2011 Posts: 96

first of all we see the double bottom and buy as it is stop and book the double top. This is reason because we dont know what next and also book profit. if it cross the double top then and buy again and the stop is double top price.