Azure Power Global: divergence confirmed, downtrend is starting
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The price crossed down the 100-day moving average very rapidly, the divergence with the MACD was validated by two very strongly bearish candles, MACD looks pessimistic and RSI indicates no oversold condition. I think that is more than enough to assume the price will revert down to the historical support/resistance of 11.80, if not break through it. If you really want to go certain, you can wait for the price to cross the 200-day moving average, but by that time you will probably lose some potential profit.
VF Investment can not be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
The price crossed down the 100-day moving average very rapidly, the divergence with the MACD was validated by two very strongly bearish candles, MACD looks pessimistic and RSI indicates no oversold condition. I think that is more than enough to assume the price will revert down to the historical support/resistance of 11.80, if not break through it. If you really want to go certain, you can wait for the price to cross the 200-day moving average, but by that time you will probably lose some potential profit.
VF Investment can not be held responsible for any financial damages suffered from following our well-funded but personal opinions and trading ideas.
Please, maintain proper position sizing and risk management!
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