Head and Shoulder Pattern is Visible on the daily charts of Reliance Communications Ltd

Weekly Chart

MARKET ACTION

Head and Shoulder Pattern is visible on the daily & Weekly charts, by looking at the price action , Breakdown from the Neckline of the Head and shoulder pattern [level of 125 ] could take the stock lower.
We have seen Breakdown from the H  & S Pattern, however volume didn't expand with it . 
Stock has good support around levels of 107, which is previous bottom support  & also the 50% retracement of its previous rally from 50.20 to 164.5

PROBABILITIES

After breakdown , should see how stock reacts at the support level of 117.
This level is important to watch because:

• A pullback to the neckline can be expected ,in case stock bounces from this level.
• A Probability of 5% pattern failure in case price went & close above the neckline on the pullback.

IMPORTANT LEVELS TO WATCH ARE :

• 125 ON THE UPSIDE
• 117 ON THE DOWNSIDE

Support Levels      : 117, 107, 100, 90.
Resistance Levels  :  125, 130, 140.