The meteoric rise that we have witnessed over the past two months in this counter by 80% has been nothing short of a spectacle. However, now it looks like the paint is beginning to loose its sheen and the formation of bearish
harami with a trendline
breakdown is hinting at a potential reversal to the downside. The momentum indicator RSI
is clearly signaling serial divergences that could drag the prices lower. The sharp rise seen till date could now reverse and the profit booking could result in some sharp decline too. With the support emerging only around 463-468 one could look at initiating some shorting opportunity or atleast exit from long positions if any.
Idea Sourced From Neotrader