POWERGRID MAY FALL DUE TO DOUBLE TOP FORMATION

• DOUBLE TOP FORMATION :
  powergrid has formed a perfect double top pattern on weekly timeframe and seemed to be positioned for further fall.
  Although it had shooted up suddenly 2 weeks back due to the uncertainty which bubbled up surrounding maharashtra election which affected whole whole stock market. But after the release of the election results it has started going down again
  
  
• BEARISH DIVERGENCE :
  Apartfrom double top it has also formed strong bearish divergence pattern on the chart with 2 divergent peaks having formed on chart & rsi 4th mar & 29th july respectively indicating strong bearish momentum for powergrid
  
  
• BEARISH MACD :
  macd indicator has also become extremely bearish with macd line hovering below signal line by large margin
  
  
• PROFIT TARGET :
  The stock will fall till 299 level which is 22 points away from current level