Dabur Looking Strong Bearish on Monthly chart

FMCG sector performed well even when overall markets were bleeding. But now stocks like Hindunilvr and Dabur are showing weakness. I already posted about Hindunilvr on Twitter handle on Apr 27 and we saw a good fall in it. Now Dabur looks ready for fall!

Here is the Monthly chart of Dabur that looks weak. Following are my observations:

An impulsive pattern probably completed at top of 525 and now the price may show a reversal.
Monthly RSI is showing strong Bearish Divergence
MACD (Histogram too) is also showing strong Bearish Divergence.
Price reversed from the Monthly angle.

Supports level are 450-445/ 430/ 420. Breaking 420 we can see 390-380.

Resistances are 495/500/510

Comments

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