🚨 Potential Head and Shoulders Pattern forming on the weekly chart, signaling a possible bearish reversal if the neckline breaks.
📊 Key Levels to Watch:
🎯 Target (upon breakdown): ₹177.72 - Calculated from the height of the head to the neckline.
📈 Alternative Bullish Scenario: If SCI breaks above ₹270.60, the Head and Shoulders pattern could be invalidated, potentially signaling bullish momentum towards previous highs.
📉 Indicators:
Disclaimer: This is not financial advice. Keep an eye on these levels and manage your risk accordingly!
📊 Key Levels to Watch:
- Neckline Support: ₹203.32 - A weekly close below this level would confirm the pattern, potentially leading to a further decline.
- Right Shoulder Resistance: ₹235 - ₹270 - If the price fails to break above this zone, the bearish structure stays intact.
🎯 Target (upon breakdown): ₹177.72 - Calculated from the height of the head to the neckline.
📈 Alternative Bullish Scenario: If SCI breaks above ₹270.60, the Head and Shoulders pattern could be invalidated, potentially signaling bullish momentum towards previous highs.
📉 Indicators:
- RSI shows a slight uptick, but a downward trend could confirm the bearish setup.
- Watch for a volume spike if the price breaks the neckline, as it would strengthen the bearish case.
Disclaimer: This is not financial advice. Keep an eye on these levels and manage your risk accordingly!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.