Immediately After listing , Price hit low of 13.85 in Oct'08 n 13.25 in Mar'09 making double bottom formation. Along with market, Stock staged a recovery n hit 57.3 in Feb'10. This is more or less same price when stock was offered for IPO i.e. @ 55 , which means this price of 55 is offering resistance on upside.
After hitting 57.3, share price is on downside n hit low of 36.75. Present structure of the stock is taking shape of Head n Shoulder Reversal Formation with Neck Line @ 36.75-38 n Head @ 57.3. Other Shoulders are @ 46.8 n 44.85. This structure will change only when price moves above 47 n start trading above consistently. Failure for stock to hold neck line of 36.75-38 can be disastrous for the stock. It can head for lower levels. Sell Out @ 40.35.
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