Head and Shoulders Setup

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Aggressive traders can enter now (Monday) at around Rs. 20 as the price is re-testing the Neckline. It's also the .382 Fibonacci Retracement of the Right Shoulder.

More conservative traders can look to sell around Rs. 21 to get the best price as it is the .618 Fibonacci Retracement of the Right Shoulder. You also get a better Risk : Reward by entering late but you may or may not get the trade.

The Stops go above Rs. 26 which is the Right Shoulder backed by strong historic structure.

The 1st Target's Risk to Reward is little better than 1:1 at around Rs. 15, which is the re-test of the lows of the Right Shoulder.

The 2nd Target is around Rs. 9.

Do let me know what you think. Good luck!

Trade active: Sorry to update late. The trade is now live!
Trade closed: stop reached
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