Strong Stocks are bought on declines and 200 dma is a popular buying place. Will this trading rule help Aditya Birla Nuvo?
Aditya Birla Nuvo stock is in strong uptrend
As you can see in the chart above: Aditya Birla Nuvo has a nice up trending weekly chart. Such charts attract buying on declines and one of the popular spots is 200 DMA.
The Good news: Aditya Birla Nuvo is at 200 dma now
The big question: Will stock find support and bounce from here? Remember, 200 DMA is a place to trade, not invest. Hence, one should always have a defined exit profit and stop loss strategy.
Please share your comments on what you think of stock observations, market and trading in general. Please do your own due diligence before trading or investment. Do not treat the above as any recommendation.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication, you agree to make no trade relying in whole or in part on the comments of the writers