As outlined in the chart above, the price action of Pepper over the past few session of trade has taken shape of a bearish head & shoulder pattern on its intraday charts. The measuring implication of the pattern gives a downside target of Rs 32675 / Rs 32425 levels. Sustenance below the neckline support will see the price of pepper decline towards the above mentioned implied target levels. Some of the other key technical indicators that support the bearish argument mentioned above is that the MACD indicator is trading in sell mode even when the price has given a pullback and the prices have also closed below its key moving average clusters which had been providing good support for the price during the recent rally.
We recommend traders to sell between Rs 33000--Rs 33125 levels with a stop loss placed above
Rs 33529 levels for downside targets of Rs 32675 / Rs 32425 levels expected to be achieved over the
upcoming 2-3 sessions of trade.
We recommend traders to sell between Rs 33000--Rs 33125 levels with a stop loss placed above
Rs 33529 levels for downside targets of Rs 32675 / Rs 32425 levels expected to be achieved over the
upcoming 2-3 sessions of trade.
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