M&MFIN
654.60
Perfect Bearish Down bar on the Daily which has broken down the up trend line with a whopping 61xVol > VolMA5. It’s usual to advise “buy on decline” in a rally as such is the case here. But the negative divergence on the RSI, STOC and MACD histogram suggests otherwise. (To be cautious of the end of the up trend). Confirmation is required; any close below 645 (646 is low of this candle) will confirm the bearishness.
Let’s check out the weekly now. It has got an Evening star formation with a convincing volume level. Any close below 626 (which is the Low of first white candle of the pattern) will confirm the arrest of the up trend.