Power Finance Corporation-1- Go Short

PFC CMP:390.25 ; RSI: 45.49
Script is looking weak on charts, Clear weakness was evident as seen by the formation of Descending contracting pattern, which symbolise decreased interest of buyres in the script.
Similarly Head and Shoulder pattern formation is in its last leg of confirmation. Neckline brekout wiil be confirmed if Script breakout below 348 on closing basis.
In near term with a STOP LOSS of 402 short position can be initaited for a downward target of 378-340 & 306;

Comment:

Revised Stop Loss to upwards at 409.

Trade closed: stop reached