Monday, June 17, 2013
CAIRN INDIA is moving in sideways forming triangular pattern. Also forming Wolfewave in short term and medium term. Stock is moving in a trading range for almost 23 days in very narrow range. Stock has been showing strong resistance at 294 levels. For last two days even if market is moving strong stock is facing strong resistance at 294 levels. Wolfe wave & triangular formation suggests that stock may visit 280 levels.
Short the stock at current levels around 293 or above with SL at 294.50 for targets of 280 or below.