HAL- Hindustan Aeronautics - Weak structure NSE:HAL Looks very weak in all higher time frames.
1] At Monthly time frame it is a clear Bearish engulfing pattern.
2] At Weekly time frame it is having a head and shoulder pattern.
3] At Daily time frame it is clearly completed a head and shoulder pattern. The volumes are dried during the phase of H&S and started to pick heavily during down days.
4] Neckline is placed at 2300 a clear break down with heavy volume is a must for a Short entry or retest with low volume to neck line after a break down is another low risk entry opportunity.
5] Usually the targets in such pattern is the difference to neckline, in this case it 420 points or 1900. Interestingly the NSE:HAL chart has meaning full support only at 1900.
Good Luck
