Broader look shows Head and Shoulder pattern formed as highlighted in the chart.
As per the pattern, there is more downside possibility.
The technical target is around Fib golden zone highlighted as ACCUMULATION ZONE.
Other technical aspects are as follows:
1. Current pattern shows a BEAR FLAG as highlighted.
2. Even though there was a huge pump today, unfortunately price closed below the red trendline resistance.
3. Strong divergence with RSI .
Some of the fundamental aspects are as follows:
1. Increasing trend of borrowing, current Debt/Equity is 1.35 which is concerning.
2. Expecting lower Net Profit than previous year due to reduced OPM% and increased expenses due to increasing interest.
All these factors are in confluence for a strong downside.
Do your own due diligence before placing any trade.
Thank me later 😊
Peace✌️
❮
❯
