IVRCL Ltd. Technical chart | 15-Nov-2011

IVRCL technical chart with ichimoku indicator is shown below. The stock has been listed on Indian stock exchange. 


























IVRCL Ltd. started its downward journey in Aug 2010, when it closes below kumo at around Rs.157 levels (not shown in above chart). Since then, it started its downward journey. Tried to cross kumo many times, but failed evrytime. Thus, the chart structure has become negative. 

Yesterday also, it closes at Rs.34.30. It will go further down from here. Do not take any long position here at this stage. Even on weekly chart, it is trading below kijun-sen line and kumo. So, there is no positive sign anywhere in techncial charts.

Take short position here with a stop-loss of 44.76.


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