Technical Outlook & Trading Strategy:-
The price of Dish TV has pulled back towards its neckline resistance level of Rs 80 levels after giving a head & shoulders breakdown.
The pullback witnessed during the previous session was also on the back of declining volumes
which is a clear sign that the price of Dish TV did not face any real demand pressure.
The momentum indicators are still in sell mode. On the daily chart RSC indicator has formed a declining Head & shoulder.
This adds further strength to the bearish argument. We recommend traders to sell 50% Now and again in the range of Rs 78 – Rs 78.5 levels with a stop loss placed above Rs 80.2levels for targets of Rs 74 – Rs 71.5 levels.
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