UBL - NSE Strong SELL if H&S neckline is breached

UBL has had a very good daily move up for the last several weeks. It has come to a zone where the Bull strength is starting to fade. SELL UBL based on the following.

• Head and Shoulder pattern on 4hr with neckline at 1350-1364. If a 4hr candle closes below this level, SELL without any hesitation as price will test 23.6 - 50% retracement to its low of the climb up.
  
  
• Ichimoku Conversion line crossing under the base line inside the cloud - Neutral signal, but lagging line showing signs of struggle and once it goes below its corresponding candlesticks and starts to race towards the cloud lower boundary, that's the definite SELL confirmation.
  
  
• TP1 - 1275-1300
  
• TP2 - 1150-1175
  
• TP3 - 1025-1075
  
  

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Happy trading.

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Trade active:

Update - 4hr candle opened below the neckline confirming the short trade

www.tradingview.com/chart/FacOjIvl/

Comment:

Comment:

Bounced strongly as NIFTY rallied yesterday, but price facing resistance again at neckline. Idea still valid.

Trade closed: stop reached:

Trade closed as price closed above neckline