praveen.bhatiya
Short

Action/Reaction Head & Shoulder Trade Setup

NSE:APOLLOTYRE   APOLLO TYRES
The stock has broken all time high but could not sustain. AR set is suggesting price reaction at current level. It is forming Head & Shoulder pattern. One can short the stock here for a target of 260 by providing a stop loss of 301 on closing basis.

Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Trade active
Order cancelled: Closed in small profit.
Praveen. Very good textbook analysis. I have liked ur some other trade setups. But when I look at this chart, I feel this setup has an above 50% probability of failing. Naturally, I can be wrong, only time will tell. But this is my perception that next week, starting 21st of May, 2018, if tgt/sl not met before then, I strongly feel that the SL could be taken out. No rationale, just gut feeling. BTW, ur analysis on all stocks indicate u r a seasoned veteran and a very intelligent trader. GBU
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@apsp1963, you are right so far it has not shown the strong weakness. Trade is in small profit if it moves little more in the desired direction i could bring it to breakeven. Let's how it unfolds in coming days.
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