Ajanta Pharma near trendline resistance
The stock of Ajanta Pharma has reached near its downward sloping trendline resistance formed by connecting swing highs from October 2016, on the weekly time frame. This coincides by the stock's long-term moving average, i.e. 200-week exponential moving average, which is currently placed at 1231 level.
Ajanta Pharma Limited is a multinational company based in India engaged in the development, manufacturing, and marketing of pharmaceutical formulations. It has a presence in India, the United States, and about 30 other countries in Africa, Asia, the Middle East, and CIS. It was established in 1973.
The 14-period RSI on the daily time frame made a couple of attempts to sustain above the 60 mark, however, it failed and slipped lower. Currently, it is quoting around 54.54. On daily time frame, the stock is trading below its long-term moving average, i.e. 200-day EMA.
For any further upward momentum, stocks needs to form sizeable bullish candle along with strong volumes above the trendline resistance.