Bata has clearly formed a Head and Shoulders pattern. It is also present at the major support which also seems to be the neckline of the head and shoulders pattern. Any 1day candle close below 1450 can trigger a sell signal with target of 1350.
H & S pattern ends on 11th Feb & not on 23rd or 24th Feb . Please see the big green candle of 11 th feb. Since 11th Feb ... price is above neckline .Pattern is failed. there are many guys here showing H & S ends on 23rd Feb . But that is not correct drawing. It should be shown on 11 th Feb
StocksGyan
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@vaibhav14476, Hi sir! We will never get a perfect pattern any where. I just provided my analysis. Let's see what happens!
anandlive
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Although I am bullish on Bata with the target of 1650. Yet your view is very important to keep in mind. As it is logically explained. Thanks for sharing the knowledge. Good luck
StocksGyan
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@anandlive, it’s near the major support as well! So it can also take support and go hit 1650! Only if it breaks and closes below 1450 in daily candle then we can expect a short sell!