CALT | Yet to break the Inverted H&S
Updated
The stock has formed an inverted head and shoulders pattern that is yet to be broken. If the stock manages to break and close above the Rs. 34.20 level, we may see an increase in buying interest, which could push prices towards Fibonacci retracement levels of 1.618 and 2, reaching Rs. 39 and Rs. 42, respectively.
However, if buyers fail to break above the neckline and selling pressure intensifies, we may see the stock retesting the Rs. 31 level around Fibonacci retracement level of 0.618 for support.
For a stop-loss level, the ascending trendline (dashed line) can be used.
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
However, if buyers fail to break above the neckline and selling pressure intensifies, we may see the stock retesting the Rs. 31 level around Fibonacci retracement level of 0.618 for support.
For a stop-loss level, the ascending trendline (dashed line) can be used.
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
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The stock has broken above the neckline of an inverted head and shoulders pattern and subsequently retested the neckline for support. If buyers can maintain the price above Rs 34 levels, there is a probability that the stock will move higher to reach the Fibonacci retracement level of 2.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.