Godrej Properties -SELL

vedgawkar Updated   

Technically it is forming a lower high lower low structure which indicates that the stock is in downtrend and with this it is also facing a downward resistance trendline and this can be seen when the inverse head and shoulder formation was formed and it failed to break through the trendline and thus eventually created a false breakout. Thereafter we can see an inverted flag forming and achieving its target. Now it is forming a descending triangle pattern on daily chart and a head and shoulder on the weekly time frame both indicating downwards movement within this period. Thus taking a short positions is more favorable than long ones due their higher probability rate for success here according to these indicators with the 14 day RSI confirming the trend. A sell position can be taken with a daily closing below 1130 with a Sl of 1160 and a downside target of 1100 and 1070. Confirmation from other tools like Fibonacci Retracement levels & 14-day RSI provide additional support towards my assessment being correct; suggesting further confirmation before executing the trade
Trade closed: target reached

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