Syndicate Bank technical chart | 18-Nov-2011

Here is a technical chart of Syndicate bank, explained in simple way. I've used here ichimoku Kinko Hyo indicator.



syndicate bank technical chart report




















On 16-Nov-2011, Syndicate Bank stock price CLOSES below kumo @100.95, along with Chikou-Span (CS) line. That was the first signal of strong weakness and bearish breakout. It clearly indicates that the price will move much down from here. So, avoid any long position here.

Targets are 96 and then 90.

​Take long position ONLY when it manages to CLOSE above 107.70 and make it a stop-loss.






Syndicate Bank technical chart | 18-Nov-2011
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