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Saturday, March 6, 1999
Castrol -- Towards a new high
Deepak Singh Tanwar
Castrol has given a fresh break-out on Friday. For the past two months, the stock moved in a range of Rs 795-Rs 845. On Friday, it closed at Rs 852. With this close, the stock has broken the falling short-term trendline and has entered into a new bull orbit. Since the stock is in a least-resistance area, a target of Rs 1,000 would be difficult but not impossible.The oscillators have also behaved in a similar fashion. The 21-day RSI is at new high and has been pointing towards a bull run. Similar can be said about the medium term MACD. A long position can a be taken for a 7-10 per cent appreciation. Keep a stop loss at Rs 827. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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