Bata India (Daily)
Chart Pattern - Head & Shoulders
Wave Count - 4th (seems to be in the C wave of ABC / ABCDE)
Indicators/Oscillators:
MACD of the weekly is downtick
MACD of daily is downtick and NCO too with solid red bars of the histogram
BB about to get challenged on the lower side (BBCD)
RSI is below 40 in oversold zone
Stochastic 14,3,3 is NCO and about to leave the band for oversold zone
-DI is above +DI in Directional Movement Index (DMI) indicating downtrend and ADX is above 15
Target:
During the fall, it has a major resistance at 1686.55, this is the same level on the chart at which it had faced resistance twice earlier while climbing up and hence could be the first target while shorting
Caution:
Liquidity is a serious issue, please check the OI data in the Options Chain in case you wish to do options trading or implement a vertical spread like Bear Call Spread
Chart Pattern - Head & Shoulders
Wave Count - 4th (seems to be in the C wave of ABC / ABCDE)
Indicators/Oscillators:
MACD of the weekly is downtick
MACD of daily is downtick and NCO too with solid red bars of the histogram
BB about to get challenged on the lower side (BBCD)
RSI is below 40 in oversold zone
Stochastic 14,3,3 is NCO and about to leave the band for oversold zone
-DI is above +DI in Directional Movement Index (DMI) indicating downtrend and ADX is above 15
Target:
During the fall, it has a major resistance at 1686.55, this is the same level on the chart at which it had faced resistance twice earlier while climbing up and hence could be the first target while shorting
Caution:
Liquidity is a serious issue, please check the OI data in the Options Chain in case you wish to do options trading or implement a vertical spread like Bear Call Spread