ENGINEERS INDIA have broken its support line on daily chart. Also, its has formed 'Head and Shoulders' pattern.
Though RSI looked oversold, but it is going to fall to level of around 139 in short term.
Please comment, if you feel any change/addition to my view :)
It is been observed on hourly and daily chart that the price action breaks and closes above the important and strong resistance levels of 275-278, indicating a strong buyers dominance and further bullishness ahead. It may correct to 275 levels before it goes up again. Therefore, I would suggest to keep a good eye on price action in order to reduce risk.
It is been observed that the price action breaks and closes below the upward trending line on daily chart, indicating further weakness and bearishness. Now, it shall further move down to the next support level at around 252-250 levels. It is also important to note that it is facing a strong resistance at around 275-278 levels.