NSE:EXIDEIND Broken below the neckline support of 200. The stock is trending lower for the last 5 weeks and a bounce back cannot be ruled out since it's in an oversold position. However, one should keep in mind that it would be difficult for the bulls to cross the level of 200 now.
The stock slipped below its neckline support of 21,000. The measuring implication from the pattern indicated a possible target of 9,000. Before it reaches there it will find strong support near 17,000 mark. The stock is just a thousand rupee away from this level. Bulls could lend support at 17,000 but if they fail then one should be ready for a ride lower.