JP ASSOCIATES WEEKLY

JP ASSOCIATES WEEKLY
As with most of the stocks this one too exhibits a strong –ve divergence on MACD and MOMENTUM LINES. On the charts the next crucial resistance is at 245-255 levels. Support lies at 222-206-185 levels, but owing to the negative divergence it won’t be a good idea to remain long below 210-206 in this stock.
On the OI front the 240 and 250 call options hold strong open interest thus suggesting strong resistance in that area and it would be better to take profit of existing longs in that area. On the down side 220 put options hold a bit of open positons can thus provide support to the stock. Also the volumes on the down days have been greater than on UP days.