The stock formed double top pattern and closed below the neckline.....
In the RSI Indicator it shot up from a over sold zone to the over bought zone to give a strong pull back......to form a clear double top pattern.......
The Market is in down trend.....
I think we can short......what is your opinion?
Good Signal for an entry:
1) A Breakout from a triangle pattern in daily time frame.
2) Clear opening in the weekly time frame outside the triangle pattern.
3) Good Support at the level of around 1274
4) Stock is trading around 28% below the yearly high, so we can expect a good move in the upcoming trading sessions
So, This one is good for Swing trading......
The stock is having the potential for good rally once after the breakout from the triangle pattern. We can give an entry once the candlestick shows strong close in the daily time frame chart after the breakout.
