We can enter shorts in any way you prefer here. Stops should be above 18.89, the rest is up to you, can be an options play, or shorting stock. Targets are a retest of 12 initially, but I can see it hitting 7 in the intermediate term. If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a...
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Points noted on Daily Chart, 1. Head & Shoulder Pattern completion with confirmation of high volume selling at previous resistance level. 2. Double Top with Bearish Divergence in RSI 3. Risk & Reward ratio at great deal In my opinion, this one is a short for now.
The valuation of the stock has been diminishing due to overall weakness in steel sector. The RED level marked is a retracement zone of 61.8 and previous strong resistance level where selling can be seen. Keep a close eye on the 1140-1145 level and if we could find any weakness at that level then it will be a safe bet to sell this one. LONG SHORT in near term.