The counter has broken down from an ascending channel formation.
The breakout leg move can be construed as a head and shoulder move as well.
Further, the MACD indicator has moved into bearish territory as well.
Since, multiple technical aspects converge to derive a single result- bearish trend, we expect a strong sell-off in the counter.
The breakout leg move can be construed as a head and shoulder move as well.
Further, the MACD indicator has moved into bearish territory as well.
Since, multiple technical aspects converge to derive a single result- bearish trend, we expect a strong sell-off in the counter.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.