Trend Reversal in Grasim

Grasim has been in a downtrend for the last 3 years and forming lower lows and lower high structure. It has made its all time high of 1375 in July 2017, since then it has been moving lower. Currently it is trading at 696. In last few months it has gained more then 90% from its low of march. But the primary trend is still down. In this short term up trend it has formed a rising wedge pattern and a rising channel under the wedge. Rising wedge and rising channel both are the bearish patterns. Today price has moved below the support trend line of rising channel. This is the indication of trend reversal. It also has some more bearish signal on the chart. * Bearish Engulfing at the top of the short term up trend. * Bearish Head and Shoulder Pattern on 1hr chart. * Negative Divergence on RSI. * Negative Divergence on MACD with Bearish Crossover. * Price was taking good support on 18 DEMA now trading below the DEMA. Be careful on the Grasim. We are expecting 635 and 570 in near term. In my earlier post I have already given the warning on the market. Do your analysis before taking any position on any stock.