IDEA CELLULAR - Weekly Chart Review

Weekly Chart

Head & Shoulder Pattern at Daily Chart

• We had seen a remarkable rally in the Idea cellular post breakout from the resistance zone of 145 -150.

• After making a high of 178.40 , we had seen a price correction till 61.8%  of its previous rally from 125.10 to 178.40.

• A long legged green candle is seen at 61.8% retracement support  of its previous rally  from 125.10 to 178.40, following such candle stock is seen resuming its previous uptrend.

• Looking at the weekly chart, i can see it forming an inverse Head & Shoulder Pattern, right shoulder of which is due to form, similarly neckline resistance of which is standing at the level of 177. 

• This Pattern will be valid, when a weekly breakout from the level of 177 would take place.

• Immediate resistances are at 165.80, 171.40, 178.40.

• Immediate supports are at 161.30, 158.20, 155.73, 153.25