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.
NTPC is in downward moving channel on daily charts.
This stock should be shorted on all rise till we get a close above the channel.
Its also moved below 200 EMA, which further signifies the weakness.
Positional short with Target of 133
Try to short near 150 Region with a SL of 155.
Start trailing the SL as per profit.
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
The Pin Bar Candlesticks formation indicates change in trend. If it is found near important resistance level then it signals selling pressure and rejection of prices on high level as indicated the above chart.
Therefore, it is an important formation to measure market sentiments and as per above chart it indicates high selling pressure or profit taking signals...
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]")
