On the 4-hour chart, a breakout of a symmetric pattern has been observed in the security. This downside breakout is considered to be one of the best patterns witnessed. Currently, the prices are trading below both the Fast 27 EMA and Slow 54 EMA, indicating a negative trend in security. Moreover, the direction of the EMA trend also supports a negative outlook.

The DMI- (Negative Directional Movement Index) is trading above the DMI+ (Positive Directional Movement Index), which further confirms the negative trend in security. However, it's worth noting that the ADX (Average Directional Index) is trading above the DMI+, suggesting strength in the ongoing move.

Additionally, the RSI (Relative Strength Index) is trading in line with the price action, providing further support to the current trend.

Hence Based on the above technical analysis, one can go short at cmp. 

Symmetric Pattern

Jul 19 2023