Technical Outlook & Trading Strategy:-
The share price of Aban Offshore is likely to continue its downward movement as it broken down from it declining support level of Rs 420 - Rs 418 on 9 th July 2011.
It is interesting to note that the price has also completed a small pullback to the close near to breakdown level and has again revived its southward journey.
We believe the share price could decline towards the levels of Rs 368 / Rs 362 in the near term.
We recommend selling the stock at current levels and again at the levels Rs 385 – Rs 388 with a stoploss placed above Rs 392.40.
