H&S or Round Top - Both portend bearish outlook

٨ يناير ٢٠٢٠

Price movement has formed H&S. However, right shoulder as we see at it is not pointed. Instead, it appears to be a round top in formation. Both portend a bearish outlook. RSI (daily) is 42 - Bearish. CMP is below 20 and 50 DEMA. Price movement will invalidate round top only if it moves above 3135 - 50 DEMA. Price outlook on a weekly and monthly time frames is still bearish. Therefore, current bearish outlook can be considered as correction

Price has key support levels at 2929 on a weekly chart followed by 2834.