A head and shoulder pattern seems to be in formation.
The neckline based on the left recession and head recession at 756.9 & 763.05 is slightly upwards trending (would have preferred this to be downwards for a stronger bearish sentiment).
The region of 763.2 to 785.8 seems to be a relevant area, where the stock has spent a considerable time since 28th June 2023. Approximately 52 days in the 103 day period (~50%) from 28/6/2023 has been spent at this region.
This region acted as a strong resistance area initially i.e. before the left shoulder formation and after that has been a support area for the two recessions from the left shoulder and the head.
The Fib retracement level of 0.618 is a part of this region and there has been considerable activity around this region.
The neckline and the 0.618 fib level cross at around the level of 770. This would be the trigger price to start checking for a bearish confirmation. A significant volume breakdown to and below the level of 763 would suggest a strong bearish signal.
The neckline based on the left recession and head recession at 756.9 & 763.05 is slightly upwards trending (would have preferred this to be downwards for a stronger bearish sentiment).
The region of 763.2 to 785.8 seems to be a relevant area, where the stock has spent a considerable time since 28th June 2023. Approximately 52 days in the 103 day period (~50%) from 28/6/2023 has been spent at this region.
This region acted as a strong resistance area initially i.e. before the left shoulder formation and after that has been a support area for the two recessions from the left shoulder and the head.
The Fib retracement level of 0.618 is a part of this region and there has been considerable activity around this region.
The neckline and the 0.618 fib level cross at around the level of 770. This would be the trigger price to start checking for a bearish confirmation. A significant volume breakdown to and below the level of 763 would suggest a strong bearish signal.