Auropharma Forms a Head and Shoulder Pattern . Selling opportunity for bears:

A  falling head and shoulder pattern is a much reliable pattern as it occurs in a prevailing falling trend.

Here is the list of technical factors which reflects the bearish move is underway:

1. On weekly charts , the stock price has formed a Double Top reversal pattern which breaks below 660 levels .
2. On daily charts a head and shoulder pattern neck line breaks below 635 levels .
3. Weekly MACD and Daily MACD both showing sell signals. ADX indicator also showing strength for sellers.
4. Stock price is trading below its long term average of 200 day SMA and EMA on both daily and weekly charts.
5. Put call  ratio below 0.5 Also , highest call writers now at 620 levels.
6. Open interest positions also suggesting that most of the positions are  on shorter side.
7. So selling this script is a conclusive result at bounce with a stop loss at 650 closing basis and first target for the position is 577 and then 560 also looks possible.
8. Here is the snapshot:
9.