TECHM SHORT???TECHM has formed a clear Head and Shoulders pattern as depicted in the chart image. The neckline around 1350 is broken conclusively. I'm not a great believer of H&S always achieving targets but technically speaking, TECHM is a short with SL at recent swing high of 1300. The first target would be at Gap support line around 1163 which if & when broken should see TECHM dipping to 1026 levels which is approximately equal to the height of the Head from the neckline. IT sector seems to be taking quite a hit recently. Nasdaq has plunged heavily in the USA also. Let's see how all this pans out eventually. Of course, this analysis (and H&S pattern) will be negated once TECHM starts trading above 1350 levels comfortably on closing basis.
The market is supreme. This is for educational purposes only and not to be treated as a recommendation to short TECHM. I'm not advocating bottom fishing either.
