The price of Pepper has formed a bearish head and shoulder pattern as shown in the above charts.
The Head & shoulders pattern with a declining neckline is an extremely bearish price pattern. Moreover, the selling pressure witnessed during the previous session took the prices of pepper below its neckline support levels of Rs 28890 levels.
The measuring implication of the pattern suggests that the price can decline to levels of Rs 28250 and/or Rs 27600 levels.
The prices are also trading below its key moving average clusters and the MACD indicator is also below its trigger line and firmly in sell mode.
We recommend traders to sell 50% at current levels and again on rallies to Rs 29100--Rs 29300 levels with a stop loss placed above Rs 29467 levels for the above mentioned targets.
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