It seems to be forming bearish head and shoulders pattern which has a conservative e target of 53 and an aggressive target of 51.50. The resistance on the upside is pegged at 56.10. Moreover, it has reversed from the long term resistance line which too signals weakness in the medium term.
Daily RSI (14) has gone into sell mode.
Candlestick/chart pattern: Head and Shoulders
Entry: At CMP 55.10
The fall appears to be a five wave declining pattern, so a sharp pullback can come anytime soon. A minimum retracement of 38.2% from current levels will take it to 68.92 and above that to the previous fourth level i.e. 69.18.
The daily RSI(14) is in the oversold region.
Candlestick/chart pattern: 5 wave decline
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