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Short in ZEEL on NSE (INDIA)

This is weekly chart of ZEEL on NSE (INDIA) which indicates that the stock broke out the key resistance drawn on the chart. In the prior week, it again tested the key resistance in the prior week and shown a bearish candle in the last week. RSI is below 40 indicating poor momentum. It is also observed that price retraced to 38.2% on Fib before down trend resumed. It is emphasized that there is no divergence seen in price and momentum indicator (RSI). There are two targets that are shown on chart based on fibo extension considering the trading range break out from key support that turned into key resistance now as indicated on the chart. STOP LOSS is indicated on the chart (above high of prior bullish candle) which implies an excellent risk reward ratio.

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