Is Sugar Going To Be Sweet???

Off late a couple of my posts had been on OS stocks, which gave some good bounces, and speaking of Oversold one sector that’s really oversold is the sugar sector! Look at the recent reading of RSI on a few select sugar stocks;

                                                

And now the charts of some sugar stocks showing OS levels;

                            

Speaking of charts, I thought let me put up the charts of Renuka and BajajHind, both sugar stocks and favorite with the daytraders and punters! In the chart below, of Renuka, you can see that it has retraced almost 61.8% percent (marked on the weekly chart in the centre) and now just a wee above the 200 periods MA, making a 60/58, support areas! A OS bounce on hourly above 64 can target 72/78 levels.

                          

And now the chart of BajajHind, as one can see its OS in all the three time frames, an OS bounce above 126 can target 130 and then 140!!!

                       

Once again I reiterate that we are talking about OS bounces here, and ofcourse  all this has to played in tandem with the broader market!