PVR: HEAD AND SHOULDER

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After breaching the all time high of 2086 formed on Feb'2020, stock is correcting lower in a Complex-Corrective-Wave- WXY structure. Stock is already concluded its Wave-X at the high of 1925 and currently unfolding into Wave-Y of which wave-b is taking a formation of a Bearish Triangle. The measured target where Wave-W becomes equal to Wave-X is coming in the region of 1420.

As per the conventional chart pattern stock is also forming a Head and shoulder pattern whose neckline is in the region of 1620-1590. A breakout below the neckline should add more credence to the pattern. The measured target for the pattern is coming in the region of 1200.

Stock is also trading below its 200 EMA and currently facing a resistance on the upper boundary of the parallel channel drawn from the Aug'22 high of 2214 and connecting the Dec'22 high of 1925.

Trading strategy:

Sell 1655-1660 keeping SL of 1770 look for the downside targets of :

Tgt1: 1440-1420
Tgt2: 1350
Tgt3: 1245

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