HEMRAJ : Key support from 2.22 to 2.18
April 29, 2011 Leave a comment
HEMRAJ’s volume has been impressive, but this creates a certain amount of risk in itself, because when market makers are in play, we all know they tend to do their best to shake out retailers with volatile moves. Watch the 2.22 to 2.8 support. If it holds, fine, then a new high will be likely for this current move, but if it fails there could be a week or so of consolidation back to the low 2’s.
The chart points to a slight pullback, but it is not really confirmed yet.
For those not already long a dip to much nearer 2 will likely be of interest to some for a rebund trade.
If 2.22 holds today (Friday) then the recent high at 2.4 will be in imminent danger of a retest.