Heading Higher or Stalling Out? What The Technicals Reveal About ALKA SECURITIES LTD. (ALKASEC.BO)

ALKA SECURITIES LTD. (ALKASEC.BO) shares are being closely watched as the Rank Correlation Indicator has shown an upward 3 bar near-term trend, indicating that a reversal might be near.  If the shares reach the +80 level, this would signify that the shares have entered overbought territory.  

The indicator Spearman Rank Correlation Index’s (RCI) is a statistical oscillator based on the correlation model provided by the mathematician Charles Spearman. The indicator shows statistical relations between date and price as a correlation without the relationship between the two variables is of affine type. The idea is to find correlation between the ranks of values instead of the values themselves.

Taking a step further, investors may be trying to get an edge by following current technical levels for ALKA SECURITIES LTD. (ALKASEC.BO). In terms of Moving Averages, the 50-day is 0.35, the 200-day is at 0.30, and the 7-day is 0.32. Using a longer term moving average such as the 200-day may help block out the noise and chaos that is sometimes created by daily price fluctuations. In some cases, MA’s may be used as strong reference points for finding support and resistance levels. Employing the use of the moving average for technical equity analysis is still highly popular among traders and investors. The moving average can be used as a reference point to assist with the discovery of buying and selling opportunities.

ALKA SECURITIES LTD. (ALKASEC.BO)’s Williams Percent Range or 14 day Williams %R currently sits at 0.00. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would point to an overbought situation. A reading from -80 to -100 would signal an oversold situation. The Williams %R was developed by Larry Williams. This is a momentum indicator that is the inverse of the Fast Stochastic Oscillator.

ALKA SECURITIES LTD. (ALKASEC.BO) currently has a 14-day Commodity Channel Index (CCI) of 58.33. Active investors may choose to use this technical indicator as a stock evaluation tool. Used as a coincident indicator, the CCI reading above +100 would reflect strong price action which may signal an uptrend. On the flip side, a reading below -100 may signal a downtrend reflecting weak price action. Using the CCI as a leading indicator, technical analysts may use a +100 reading as an overbought signal and a -100 reading as an oversold indicator, suggesting a trend reversal.

Currently, the 14-day ADX for ALKA SECURITIES LTD. (ALKASEC.BO) is sitting at 47.55. Generally speaking, an ADX value from 0-25 would indicate an absent or weak trend. A value of 25-50 would support a strong trend. A value of 50-75 would identify a very strong trend, and a value of 75-100 would lead to an extremely strong trend. ADX is used to gauge trend strength but not trend direction. Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend.

The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. The RSI was created by J. Welles Wilder who was striving to measure whether or not a stock was overbought or oversold. The RSI may be useful for spotting abnormal price activity and volatility. The RSI oscillates on a scale from 0 to 100. The normal reading of a stock will fall in the range of 30 to 70. A reading over 70 would indicate that the stock is overbought, and possibly overvalued. A reading under 30 may indicate that the stock is oversold, and possibly undervalued. After a recent check, the 14-day RSI is currently at 41.58, the 7-day stands at 59.63, and the 3-day is sitting at 90.86.

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