An interesting chart of Surya Jyoti Spin Mills Ltd., listed on Indian stock exchange, has been discussed below, usingichimoku Kinko Hyo indicator.
Ever since in April 2011, when it gave bearish breakout, it’s trading downward. From the high of 39.40 to 12.54, it was moving downward.
But if you look at chart carefully, although the price is coming down, the kijun-sen line is flat.
Whenever kijun-sen line is flat, it will attract price. So, its price can touch the levels of 18.08 in short term. Make a stop loss of 13.01
Short term trading opportunity.