Feb 16, 2017

Chart Of The Day : Castrol India Ltd. Buy/Sell/Hold? Short - Mid Term View 16 Feb 2017 For Trading Positional Technical Analysis Recommendation

Castrol India Ltd.

The Chart here is of futures segment
View: Neutral to bearish
Target-365, below 360 further decline possible. But  buying will emerge as the company is an MNC bluechip. Only short term short selling positional trading recommended with booking profits as you get.

The stock has not made any new high or shown exciting movement since Dec 2014, so we conclude that it is not in a bull market and in a sideways market as it has been in range of 360 - 520 since then.
The stock has formed a clearly visible and highly reliable multiple head and shoulder pattern.
While on the Weekly charts also, it is trying to form head and shoulder formation and formed a bearish candle stick pattern called Evening Star provided it closes this week lower around 410 or below which it looks like.