SAIL - SELL Head and shoulder pattern baseline broken

13 במרץ

SAIL has hit resistance at 150 and retraced back . It tried to hit 150 again but could not succeed. while going up and coming down, Head and Shoulder pattern is developed. Neckline was broken today. Today it has closed on 118.7. Probability of SAIL going down seems very high. My target would be 100. Appropriate entry would be at retracement till 124-126. SL would be at 131. With risk reward of 1:4, it seems a good bet. But, dont just enter. It is very volatile stock. Wait for right entry point. When it turns down from 126 level, then it could be perfect entry.
https://in.tradingview.com/chart/qBr7JgI9/?symbol=NSE%3ASAIL

Disclaimer: I missed entry today. I am yet to enter. I will decide when it touches 125 range.