LODHA - Bearish due to forming double Top pattern

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TECHNICAL INDICATORS -
  • DOUBLE TOP PATTERN formation - LODHA has formed a double top pattern indicating strong downward pressure for the stock

    Double top is characterized by two consecutive peaks on a price chart, with a dip or low between them & subsequent breakout

  • VOLUME SPIKE - snapshot
    the stock has recently shown two large volume spikes indicating strong upcoming momentum for the stock

    Generally volumes increase before a significant price movement

  • SHOOTING STAR candlestick -snapshot
    the stock has formed a shooting star candlestick recently indicating trend reversal for it ie from upward movement to downward movement

    Shooting star is characterized by a small body at bottom and a long upper shadow of a candlestick

  • GAP-DOWN BREAKOUT -

    the stock has broken out of the pattern with a gap-down indicating very strong downward pressure

  • PROFIT TARGET -
    1200

  • STOP LOSS -
    1325

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