Today's Opening - 362
Today's High - 366
Today's Low - 354
Today's Closing - 357
Negative closing again, same has been the trend for eight out of the past none sessions. What started off as a reaction to announcement of a new product by one of the company's competitors has carried on so far. Obviously, the company's metaphorical "Family Silver" is at stake now.
The 14-day Commodity Channel Index which managed to turn positive barely a month back has again turned negative since 11th May. The 14-day Price Rate Of Change has also turned negative since 11th May and it's only getting worse. The closing candle too has been below the 9, 26, 52, 26-day Ichimoku Kinko Hyo cloud since the 11th. The 14-day Relative Strength Index has dropped below 50% since 11th.
The closing below the 14-day Exponential Moving Average started on 11th May and it's dropped even below the 5-day Exponential Moving Average over the past four days indicating the worsening trend.
The 3, 13, 25-day Moving Average Convergence Divergence has become negative over the past five days.
Bharti Airtel is looking extremely precarious and might test the fresh low of 333. In case 333 gets taken, the next support level is at 325. With no positive news in sight and the ongoing eSIM controversy, Airtel right now is not for the weak-hearted. However, the ones who believe in the company's strong fundamentals can keep accumulating at every drop from a longish term perspective.
This post is not a comment/ opinion on the company's fundamentals but only a technical analysis of the stock.
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