CLASSIC HEAD AND SHOULDERS ON DAILY CHART HDFC AMC

HDFC AMC STOCK HAS BEEN ON BULLISH TREND SINCE OCTOBER 2018 ON DAILY CHART. IT IS FORMING POTENTIAL HEAD AND SHOULDERS PATTERN WHICH SUGGESTS THAT STOCK MIGHT TURN BEARISH IF IT BREAK AND CLOSE BELOW NECK LINE OF INR 2834 MARK. AT PRESENT WE ARE AT RIGHT SHOULDER OF BEARISH ROTATION PATTERN. WE CAN LOOK TO SELL AT CURRENT LEVEL LOOKING AT THE LEFT SHOULDER WHICH IS VERY SHORT, WHICH MEANS RIGHT SHOULDER IS ALSO LIKELY TO BE SHORT. TARGET FOR SELL SHOULD BE RE-TEST OF NECK LINE (WHICH WILL ACT AS SUPPORT UNTILL MARKET BREAK AND CLOSE BELOW IT). LONG TERM BEARISH TARGET IS 2330, WHICH IS EQUAL MEASURED MOVE ON THE BASE OF HEAD AND SHOULDERS PATTERN. WHICH WILL GIVE US COUNTER TREND BUY OPPORTUNITY AT INR 2250 TO 2330 RANGE FOR THE TARGET OF INR 2800 (NECKLINE OF HEAD AND SHOULDERS, WHICH WILL ACT AS RESISTANCE).