Today’s Technical Tomorrow’s News: Maruti, Max Financial, SREI Infra & Yes Bank using RSI Edge

MARUTI : A H&S breakdown (not text book types) is seen on the daily charts. The RSI has drifted to the bullish support extreme and the recent up move resulted in OB failure setup. All the above analysis points towards weakness in the stock in coming weeks. We can wait for the RSI to dip further below 30 levels to confirm the same. As of now the move up that began on 21st May seems to be corrective in nature.

MAX FINANCIAL: A H&S has formed on the daily chart. The RSI has been hitting at 55 – 60 levels, unable to make its way to the bullish extremes. Notice how well the “head” acts as an extreme point for a triple top formation too! RSI is resting at 40 levels (that’s a bullish support level), a break below the same may lead to a resumption of the trend down again.

SREI INFRA: The stock has been trending down from couple of months. Creating lower highs and lower lows (typical down trend). The retracement in the last week have given the opportunity to ride it down. The critical resistance levels are placed at 59 levels. As long as the stock is trading below it (closing basis) the trend down is intact. The RSI time frame parity has become active in the stock.

YES BANK: The stock opened gap down on 31st August. Yesterdays bear engulfing has further confirmed the gap. If the stock moves below the gap range (click here to watch – trading gaps) the trend down will be confirmed and the stock may further dive into deep corrective modes. 325 levels are critical support levels, breaking them will be bad for the stock. The RSI has shifted range and dipped into the bearish zones.


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