The CNXENERGY index is showing ominous signs.
These stocks haven't been doing too well recently but have enjoyed a sustained uptrend.
It's time for reversal now. The fundamental picture is not at all good and this move downward is just getting started.
For more thorough analysis, check out my daily NSE dashboards at
rpubs.com
for educational purpose - when a pattern fails then a swift and sharp reaction happens see this in NTPC. target is 143. sell on rise n wait for a relief rally.
The Stock has given breakout from one of the rarest pattern i.e. Diamond pattern. It works continuation pattern and formed half way. Those who are interested can trade in the direction of the breakout better on some dips.
NTPC after long term up trend journey broken the trend at 156.00 and turned bearish, it has retraaced to crucial 50% fibo level and looking to trade in upward direction, traders may go long in this stock with a target of its second leg of up trend line resistance somewhere between 160-163. alternatively if it broke the level 145.00 downside exit with small stop loss.
On hourly chart, the price action breaks out from symmetrical triangle at the last hour of trading indication bearishness and dominance of sellers. It shall further go down on Monday.
Target:155
Stoploss 161
Duration 1-2 days
This head & shoulders pattern is yet to complete and moving towards the neckline, wait for valid breakout at neckline before initiating short positions. This may or may not be intraday, can get extended for another day, so be sure about what position you are gonna take. Neckline has back to back supports, so be planned & prepared with whats your risk before...
![NTPC: NTPC : Head and Shoulders Pattern [15mins]](https://s3.tradingview.com/0/0yj21cY9_mid.png "NTPC : Head and Shoulders Pattern [15mins]")
