UCO BANK - www.ashudutt.com

UCO BANK - SHORT TERM: WEAK, LONG TERM: STRONG, PREVAILING BIAS:STRONG


UCO Banks still has very strong long term charts. If it breaks 120, we will have to review this but as of now the charts are strong. What I believe is happening is that one or two institutions have been offloading their UCO bank holdings for the past 3-4 trading sessions(the selling comes 2-3 large lots a day). Such selling gives the impression that a rally is over. But that may not be the case. So lets say the institution is out of the lot it wanted to sell. And tomorrow another institution starts to get in. You get the same effect of a strong upward move for 3-4 days(as UCO has demonstrated in early October)

If you have it, hold it. But you must review this at 120 and at 110

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