|UK stock pick of the day|
RECOMMENDATION : Sell
The major trend of Carillion plc Ord is sideways but from last few trading session it's showing selling pressure and not managing to sustain at higher level. Stock is facing support from the rising trend line and consolidating near to it, breaching of it can show downside movement.One can initiate the short position in the stock below the level of 328 for the target of 314 with stop loss of 335.
Stock is looking weak on chart and forming symmetric triangle breaching of support level it can downside movement.
Stock is managing to trade below 50 DMA and 200 DMA , facing resistance from it's 50 DMA which is acting as good stop loss level at 335.
RSI is trading below the level of 50 with negative bias & given the break out of rising trnd line which indicating the down side movement in the stock.
In ADX , Negative DI has given the break out of positive DI which is indicating weakness in current trend.