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Sell Siemens Fut; target of Rs 848: IIFL
According to IIFL, traders can sell Siemens September Futures below Rs 868 with stop loss of Rs 876 for a target of Rs 848, in its September 05, 2011 research report.
According to IIFL, traders can sell Siemens September Futures below Rs 868 with stop loss of Rs 876 for a target of Rs 848, in its September 05, 2011 research report.
"Siemens, on the daily chart, formation of Dark Cloud Cover candlestick is seen around its 50-DMA. The mentioned candlestick pattern suggests a potential bearish reversal. The Dark Cloud Cover pattern occurs in an uptrend and is comprised of two candlesticks. The first candlestick in the pattern is a long green candle. The next candlestick makes a higher high, but then sells off to close below the midpoint of the first candlestick. The recent pullback from the low of Rs 860 (200-DMA) has fizzled out near its 50-DMA accompanied with bearish formation of Friday's trading session, implying that downtrend in the counter is likely to resume. Based on above formation, we recommend traders to short Siemens September Futures below Rs 868 with stop loss of Rs 876 for a target of Rs 848," says IIFL research report.
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