Shipping Corp of India Ltd (SCI) - Weekly Head & Shoulders Watch
🚨 Potential Head and Shoulders Pattern forming on the weekly chart, signaling a possible bearish reversal if the neckline breaks.
📊 Key Levels to Watch:
🎯 Target (upon breakdown): ₹177.72 - Calculated from the height of the head to the neckline.
📈 Alternative Bullish Scenario: If SCI breaks above ₹270.60, the Head and Shoulders pattern could be invalidated, potentially signaling bullish momentum towards previous highs.
📉 Indicators:
Disclaimer: This is not financial advice. Keep an eye on these levels and manage your risk accordingly!
📊 Key Levels to Watch:
- Neckline Support: ₹203.32 - A weekly close below this level would confirm the pattern, potentially leading to a further decline.
- Right Shoulder Resistance: ₹235 - ₹270 - If the price fails to break above this zone, the bearish structure stays intact.
🎯 Target (upon breakdown): ₹177.72 - Calculated from the height of the head to the neckline.
📈 Alternative Bullish Scenario: If SCI breaks above ₹270.60, the Head and Shoulders pattern could be invalidated, potentially signaling bullish momentum towards previous highs.
📉 Indicators:
- RSI shows a slight uptick, but a downward trend could confirm the bearish setup.
- Watch for a volume spike if the price breaks the neckline, as it would strengthen the bearish case.
Disclaimer: This is not financial advice. Keep an eye on these levels and manage your risk accordingly!
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