Let's analyze the technical chart of GTL Infra Ltd., listed on Indian stock exchange, with ichimoku Kinko Hyo indicator.

 

 



 

 

 

Yesterday, the stock closed at 9.55 (up 11.7%). Many traders have started buying this stock. Not only this, some "experts" have also started recommending to buy this stock.

 

But if  you look at chart carefully, the price is trading below kumo. 

Whenever the stock price trades below kumo, one should not buy it.

One can take long position here when and ONLY if the price CLOSED above kumo viz. currently at 12.37.

Immediate resistance is at 11, 12.37 and then at 20.56

GTL Infra Ltd. Technical Chart | 30-Nov-2011
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