CNXIT - Head & Shoulder in progress on weekly charts

The Indian IT sector is in a terrible state. The formation of a head and shoulder pattern on a weekly chart is a disastrous indication of worse times ahead. While NSE:TCS fired 15k employees in the recent past, the future seems dimmer. A similar pattern can be observed in almost all IT stocks. Caution is the way forward. All the long positions in IT must be doubly checked and closely monitored.

Disclaimer: The idea is for educational and informational purposes only and must not be construed as advice to buy/sell. Please consult your investment advisor before making a financial decision. Investments are subject to market risks!