Welspun Corp: resistance intact
Company profile: Welspun Corporation Ltd. is a one-stop service provider offering pipe solutions with a capability to manufacture line pipes, along with specialized coating, double jointing and bending. Welspun supplies pipe to most of the Fortune 100 Oil & Gas companies.
Weekly outlook: Various attempts to break the long-term resistance line have failed. The bearish trend thus remains in play. Focus is now on the 94.97-zone. As long at it holds out there is still some chance of a trend reversal higher. Breaking below this level is very bearish and should lead to a decline towards 86.65 and probably even lower. For now, avoid the stock and monitor developments around 94.97.
- Primary trend: moderately negative
- Outlook: moderately negative, avoid
- Support: 94.97 / 86.65
- Resistance: 112.85 / 156.80
Weekly chart Welspun Corp (NSE):
Category: India
