Always a pleasure, Dev!
Well, the trend is downwards and hence the chances of it going down can not be denied. The stock may go even below 160 but as the weekly trendline is coming over there, we may try to pick the bottoms with a closing stop below the trendline.
One more point I make out of it is that even if it goes to 182 there are real chances of it coming down.
Please comment on these two observations.
Thanking you again
Dev
Yes there is a chance of fresh selling on a pullback to 182. Volume would be the guiding factor. If the pullback to 182 is with low volume, we should assume it to be a pullback only and hence should be cautious about taking a long entry. However, a high volume for rally towards 182 would mean that it's fresh buying and hence there should be more conviction in going long.