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Drumbeat: Ad Buzzaar
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Friday, July 17, 1998
Castrol -- Exit at current levels
Deepak Singh Tanwar
With the rise in the Sensex, Castrol has recorded a smart rally. From a level of Rs 497 on July 23, the stock touched a high of Rs 608 on August 8. However, since then, the stock has declined to Rs 559 and has been hinting at a bearish outlook.With this, the stock has broken the short-term trend which was up. The penenteration of trend is further confirmed by a similar trend in the 21-day RSI and the medium term MACD. The price is below the short as well as the long term moving averages. The long-term trend is negative. As such, an exit at the current level appears a better option. Investors can re-enter at later stage. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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