ING Vysya Bank has had a large run up since October 2012. Now with over 50% returns in a year the stock seems to be showing signs of topping off. The stock has entered another base formation zone after the rally, this might result in the stock finding strength & moving further up or the stock might give up some of its gains soon because of a loss of momentum.
A major supporting pivot is at 600 breaking which the stock might dip or see some sideways action. Critical long term support is at 510, breaking which the stock will turn bearish or sideways for a long time. Further supports and resistances are defined below & on the chart above.
Supports – 600, 580, 530, 510
Resistances – 667
For now the stock is still holding the major trend support at 600, but if this is broken we might see it steadily losing steam. But if the support is maintained, then the stock will have to show some price appreciation to signal that the momentum is still alive.
A major supporting pivot is at 600 breaking which the stock might dip or see some sideways action. Critical long term support is at 510, breaking which the stock will turn bearish or sideways for a long time. Further supports and resistances are defined below & on the chart above.
Supports – 600, 580, 530, 510
Resistances – 667
For now the stock is still holding the major trend support at 600, but if this is broken we might see it steadily losing steam. But if the support is maintained, then the stock will have to show some price appreciation to signal that the momentum is still alive.
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