In December, I posted a H&S update in daily chart of NSE:CROMPTON and that worked quite well. I estimated a target below 300 and it’s now trading at 254.
Zooming out, a much bigger H&S is visible in weekly chart of CROMPTON as shown in attached chart. It broke down last week with a large red candle and huge volumes. It closed at 254.90 last week and there is a resistance at 265 based on previous swing highs. As long as we remain below 265, chances are we can see sub-200 levels in the weeks to come.
Disclaimer: Purpose of this post is to educate on technical analysis methodologies and not giving trading/investing advice.
