It formed a long bearish candlestick pattern on both daily and weekly price chart.
Graphite India continued to trade in a negative trajectory for an extended period to fall below its crucial support of Rs 670 odd levels in the previous session while it also breached its 200-days moving average on the downside placed at Rs 818 levels.
The scrip continued to consolidate from a higher level of Rs 1120-1050 odd levels towards a low of Rs 770 levels, and made a strong rebound towards 1000 odd levels which failed in the later period.
The scrip made a 52-weeks low of Rs 555 levels in the last trade which indicates sustain selling pressure. It formed a long bearish candlestick pattern on both daily and weekly price chart.Further, weekly RSI stood at 29 odd levels indicating persistent selling regime, and MACD continued to trade above its Signal-Line. We have a SELL recommendation for Graphite India which is currently trading at Rs. 552.95.