After Up channel, price is moving to upside with strong consolidation...its the sign of end of uptrend.
after strong fall from this level price again tries to move upside...
again selling pressure is seen from the same levels...
today price is broken the trendline....if tomorrow it may retest and fall again up to 5000 level.
until price breaks the support @5000...
Stock is currently trading at a good support level i.e 3430 - 3420.
And at support, it has formed bat pattern with a prz around 3400 levels.
Considering the previous and recent price action, it looks like the stock is getting ready for a temporary bounce back up till 3550 - 3600 levels in the near term.
Trade type: Swing
Bet type: Contra
Risk reward: favorable.
