TechWatch-esgee: Com Bank - The Hornet's Nest

Wednesday, December 9, 2015

Com Bank - The Hornet's Nest

COMB - IntraDay 09/12/2015

As one of the liquid Companies in the Market, the need for Commercial Bank to stay at and above 140.00 is critical. Else it will open up a hornet's nest in the Market. As I've mentioned in my last post on Commercial Bank, 140.00 was a major level that was broken in Jun '2014. After the break out which happened on the 27th of June 2014, only once it came down below 140.00, to 139.00 on the 18th of July 2014. Since then it was today that the stock re-tested 139.00, when just 300 shares were traded at 139.90. This is obviously not a good sign for the Counter, and the Market in general. However one thing I must note here is that, it should close below 140.00 with strong volumes, for the Bears to take control of it. This did not happen today. However the present behaviour of the stock is not at all encouraging. Any strong break down, will open the stock to fall to 130.00, where there is a visible strong support. The reason why I think it wont happen immediately is the lower RSI levels.

2 comments:

Anonymous said...: Why did it come down?; December 9, 2015 at 4:25 PM
Nisashi said...: First reason of course is the Ex div date was the 9th. But mostly it is due to foreign selling which is there on Com bank for many days now. However I must add that in Technical analysis, there is no point in knowing what happened. Because the price and volumes includes every thing inherent in the variety of thinking that goes into making of that price and the trend. It includes fundamentals of a company, politics, weather, financial crisis, economical turmoils, selling pressure.....the list is never ending. But the best part is that the trend repeats what happened previously. That is something that no one can explain.; December 9, 2015 at 11:34 PM

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Wednesday, December 9, 2015

Com Bank - The Hornet's Nest

2 comments:

Loss and Gain of the ASI in 2021 vs the Loss in 2022