KunalJain

Titan - Clear Head & Shoulder setup

Short
NSE:TITAN   TITAN COMPANY LTD
Titan has made perfect Head & Shoulder pattern on weekly charts and now breaking down from neckline support while volumes are jumping upwards, during the formation of H&S also one can see that with every fall volumes gone up while on green days volumes were comparatively lesser, this is perfect example of a neat H&S setup,

So as it is now breaking down below Neckline support so a good time to take short position and can trail sl with 100 Day EMA which is currently around 838.

Based on the depth of head from neckline chart is suggesting that below neckline we may see around 20-22% fall, which comes around 660,
Also there is a unfilled gap in between 725 - 668 zone, so if falls come then expect this gap to get filled, though 725-730 may provide some support on down side, below that expect to see non stop fall till 660-670.

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