Sequent scientific is an interesting chart. It has been a market laggard by far till now, but worth keeping under observation for a technical pattern of inverted head and shoulders breakout. Many a times this indicates a strong trend reversal, providing potential for good returns.
These days everyone is into breakouts and what nots, so trying to find stocks which are having potential of bottom formation, and maybe move from hereon.
The left shoulder, head and a possible right shoulder are marked on the chart. cmp around 117. If pattern plays out near term target can be 180.
The light blue trendline from the top shows a breakout from the falling trendline and now we need to watch next stage of confirmation for a bottom formation which could be in form of inverted head and shoulders pattern. First hurdle is to cross and close above the recent falling gap zone from 123.50 to 113.25 which was posted on 8 August 2022. Stock price is making an attempt to fill the gap by trading within the boundaries of the above gap (i.e between around 110-125) since past nearly 13 trading sessions.
Too early to call a bottom, but worth observing. 200 dema is at 137, which would be another level to watch out for.
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