Today's market was a roller coaster as indices move up and down widely due to the budget of 2023. But in the late market hours, stocks started to tumble and posted red candles.
This one stock had caught my eye for quite sometime and I was waiting for this day to see its price movements. As you can see a clear head and shoulders pattern emerged. After breaking the neckline it retested it again, which is good sign to be bearish on this stock. Expected drawdown is also marked in the image.
My recommendation is that one should wait for the price to cross 36.55 level, because it will confirm our analysis and increases the probability to hit the target level. Stop loss should be placed at 38.15.
This one stock had caught my eye for quite sometime and I was waiting for this day to see its price movements. As you can see a clear head and shoulders pattern emerged. After breaking the neckline it retested it again, which is good sign to be bearish on this stock. Expected drawdown is also marked in the image.
My recommendation is that one should wait for the price to cross 36.55 level, because it will confirm our analysis and increases the probability to hit the target level. Stop loss should be placed at 38.15.