GMR Infra looking weaker based on current pattern formation. H&S pattern formation is in progress. Neckline of this pattern will be the near time target.
RSI is also moving down with a series of divergence over the peak of H&S pattern.
If the neckline is broken strongly then the fall could be big with nearly 30% correction from the current level and this may take 2-3 months. However this can happen only if there is a major negative global event.
RSI is also moving down with a series of divergence over the peak of H&S pattern.
If the neckline is broken strongly then the fall could be big with nearly 30% correction from the current level and this may take 2-3 months. However this can happen only if there is a major negative global event.
Trade active:
Target 1 is hit. If the H&S neckline is broken, target 2 can be expected.
Comment:
Weekly close below 20MA indicating more bearishness. However, it will be a sell only when the neckline is broken or the last week low is broken.
Trade active:
Tareget 2 is achieved today.