Crompton Set For A Double Top

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Targets : 192-185 Sell range : Below 225 Stoploss : 251 Duration : 3-4 weeks
Outlook :
Attached Daily chart of (CROMPTON) a participant from sector Electricals products, is showing a bearish momentum as per western technicals, Heikin Ashi chart analysis and momentum indicators.
Recently, the stock prices have staged a breakdown from lower pitchfork line at or near levels of Rs 229-228 which signals further weakness for the underlying.
Also, as the rule suggest in Heikin Ashi, when candles have big bodies and long lower shadows or no shadows as in our case indicates a bearish momentum going forward.
Further, stock has topped out multiple times at or near 246, forming “Double Tops”, however break of 210 on the downside would validate the above said pattern.
Moreover, technical indicators like 14-RSI is at 46.3 and not yet oversold, According to MACD analysis, a bearish crossover just happened and it's a negative signal. Price just got below its 50-DEMA & 20-DEMA which shows bearish momentum in short to medium term. ADX minus DI has crossed above plus DI which is a negative signal for the stock.Daily trend swing ADX is at 24 and moving upward showing strength.
Combining the above technicals we recommend a Short trade in CROMPTON with targets of Rs 192-185 /Lower, stoploss placed just above Rs 251 on closing basis.
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