Aether Ind forming H&S on weekly charts.A perfect Head and shoulder pattern formation in Aether Ind.
Aether Industries is engaged in the production of intermediates and specialty chemicals. Products for Pharmaceutical, agro chemical, material sciences, coating, photography, additive and, oil and gas, segments of chemical industry.
MCap = 10491 Cr
P/E Ratio = 103
The company has grown in sale by 30% since September 2021 while the expenses has gone up by 40% from 101 Cr to 142 Cr. Opertaing profits are down by 1% (Sept 2021) to 28%
Technically the stock might take a dip to its listing price of 703.
The overall market is too looking bearish for now as nifty has created another LOWER LOW.
Aehter can be shorted below 766 levels upto the listing price for a short term bearish move.
Pattern formation looks bearish and RSI indicator is showing a divergence. Though, the indicators are lagging but adds on too the price action.
Either the stock will revert after testing the Neck line or will consolidate and give Break Out Or Break Down.
Entry should be targeted only once the levels is breached on the lower side and close is given on the lower side.
Positional or swing short sell trades can be initiated on the break down.
