Lupin is on the way of creating Head ans Shoulder pattern , aggresive trader can go short on the basis of Doji engulfed by red bearsih candle today and safe trader can wait for the completion of the pattern and enter into it once it break the neckline.
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Lupin is moving towards making double top at 906 at the same time RSI tracing a lower second top(Class B Bearish Divergence. Retracement Zone.756-671
Stop loss and target ;-
Target would be 788 and then 718 and stop loss of 907
LearningJoe
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@deepsimi, It got EIR for Vizag plant today. Any change after today's positive move to 863CL ? I understand neckline is 839.25 which should be held on CL basis for my buy position.Is my understanding okay ?
deepsimi
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@LearningJoe, Neckline is 808.90 not 839.25 which is supposed to be breached for the valid head and shoulder pattern, today's move was completely a news based move.
If you look at the volume today, it does not match and anomaly can be seen.
The effect and result was not same. Average volume was low and price action was high.
The plan should remain the same, if it breaks yesterday closing in couple of days.
Target would be 788 and then 718 and stop loss of 907