Chartists Place Dolphin Medical Services Ltd. (DOLPHMED.BO) on Radar: Technical Update

Shares of Dolphin Medical Services Ltd. (DOLPHMED.BO) are nearing some key technical levels as the Rank Correlation indicator has trending higher over the past few sessions, nearing potential overbought territory.  Crossing the 80 mark would suggest that a chance of a reversal is increasing. 

The Rank Correlation Index (RCI) is based on an analysis algorithm by Charles Spearman. It uses a combination of price change data and time change data to identify potential changes in market sentiment, thereby exposing turning points.  Zero crossings are seen as buy and sell signals, with tops and bottoms yielding overbought and oversold information. 

While traders are taking a second look at how shares of Dolphin Medical Services Ltd. (DOLPHMED.BO) have been performing lately, we can examine some additional key indicators. A favorite tool among technical stock analysts is the moving average. Moving averages are considered to be lagging indicators that simply take the average price of a stock over a specific period of time. Moving averages can be very useful for identifying peaks and troughs. They may also be used to help the trader figure out proper support and resistance levels for the stock. Currently, the 200-day MA is sitting at 1.42, and the 50-day is 1.21.

The 14-day ADX for Dolphin Medical Services Ltd. (DOLPHMED.BO) is currently at 15.12. In general, and ADX value from 0-25 would represent an absent or weak trend. A value of 25-50 would support a strong trend. A value of 50-75 would signify a very strong trend, and a value of 75-100 would point to an extremely strong trend. Checking in on some other technical levels, the 14-day RSI is currently at 58.00, the 7-day stands at 69.41, and the 3-day is sitting at 92.19. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of stock price movements. The RSI was developed by J. Welles Wilder, and it oscillates between 0 and 100. Generally, the RSI is considered to be oversold when it falls below 30 and overbought when it heads above 70. RSI can be used to detect general trends as well as finding divergences and failure swings.

At the time of writing, Dolphin Medical Services Ltd. (DOLPHMED.BO) has a 14-day Commodity Channel Index (CCI) of 96.46. Developed by Donald Lambert, the CCI is a versatile tool that may be used to help spot an emerging trend or provide warning of extreme conditions. CCI generally measures the current price relative to the average price level over a specific time period. CCI is relatively high when prices are much higher than average, and relatively low when prices are much lower than the average. Investors may be watching other technical indicators such as the Williams Percent Range or Williams %R. The Williams %R is a momentum indicator that helps measure oversold and overbought levels. This indicator compares the closing price of a stock in relation to the highs and lows over a certain time period. A common look back period is 14 days. Dolphin Medical Services Ltd. (DOLPHMED.BO)’s Williams %R presently stands at 0.00. The Williams %R oscillates in a range from 0 to -100. A reading between 0 and -20 would indicate an overbought situation. A reading from -80 to -100 would indicate an oversold situation.

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