Stock of the Day – BASF

Each day brings a new sector into focus and today was the day for Chemicals (Tata Chemicals had a great day with gains of 7.9%). the stock I am covering though is BASF which has had an incredible run in the last few days. The overall pattern that has emerged on the weekly chart points out to a breakout from a Ascending Triangle (would have loved three tests on the upper trend line, but we need to work with what we have).

RSI on the daily charts is at 88 and is at 74 on the weekly and hence some amount of cooling off may happen.

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About Prashanth

Have been a full time participant in the stock markets since 1996. Run a Yahoo Group where focus is exclusively on discussions of the Indian Markets using Technical Analysis as the tool (groups.yahoo.com/group/technical-investor)
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