This is the Chart of Quick Heal on the daily scale, A falling Wedge pattern did appear and the Prices breaks out downward.
Though Falling Wedges patterns are supposed to breakout upwards, but here it breaks out downward.
This pattern forms over a period of approx 6 months.
Break out came with a gap , hence signalling price may go down further.
Support for the stock is at 210-209 levels.
And if i look at harmonic pattern
i could see a probability of Bat pattern ,suggesting a support zone near 211-210 levels
Hence , one should keep an eye on these levels to determine the further price action in this stock
Though Falling Wedges patterns are supposed to breakout upwards, but here it breaks out downward.
This pattern forms over a period of approx 6 months.
Break out came with a gap , hence signalling price may go down further.
Support for the stock is at 210-209 levels.
And if i look at harmonic pattern
i could see a probability of Bat pattern ,suggesting a support zone near 211-210 levels
Hence , one should keep an eye on these levels to determine the further price action in this stock