Hexaware Looking WEAK, Breaks out Previous SUPPORT (SELL)

Sep 3, 2016

As highlighted on the chart, there were three touch and go candlesticks formation observed at supports level of 202 on the weekly chart. As per the last week closing, this time the sellers was in control with price action and breaks below the buying zone or the support level of 202 indicated weakness and sell off in coming week. I expect the target to be 180 levels which is the previous resistance zone, which may act as a new buying zone. It is at a gap of 8% from the last closing price of the candle. It is a good time to short with sellers in the market with stoploss at 232.