From the chart, it is seen that a head and shoulder pattern is observed with the Head being the highest point in recent times. Also, the volume is high on the Left Shoulder which implies the intervention of a strong hand and the volume is low on the Right shoulder which implies that the strong hand moves out of the market. Hence, the head and shoulder is confirmed and the price is expected to fall further. Therefore, it is recommended to create a Short position.
INOX – Head and Shoulder
