Sharda Cropchem had a very good run up during the bearish phase of markets from Jan 22 to June 22. Its stock price more than doubled from levels of 300 in Dec 21 to a high of 769 in June 22. Since then it has formed a slightly bearish head and shoulders pattern and in response to poor q1 fy 23 results, had come down below 500, and now trying to claw its way back above its 200 dema at 544. Its price has gone below the 30 WMA which currently is placed at 618 and is yet to turn down.
The chart shown below shows a daily GMMA pattern bearish head and shoulders breakdown. Target zone in marked in dotted lines. disc: no positions, only posted for academic interest.
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