Clear BEARISH Setup - Breakdown from a 3-month long trading channel supported with decent bearish volumes
Stock has been in a good upmove with the great uptrend in the pharma sector, thus a short correction is still pending in the stock on account oif profit booking.
Also the lower trendline has been tested multiple times hence became weak which leaves a high...
The lower range that was in place for the stock from March 2020 post the lock down got taken out today (May 5). In the short term the stock can see further downside and could test 143-147 levels, if the price does not close above 186 on daily charts.
HBI is in a Long Lasting downtrendchannel. A nice bearish engulfing built up near the upper Bound of the channel in the Weekly timeframe that maybe Signals the end of the upside leg. Take a shortposition the next week.