Lodha stock tests 'Head & Shoulders' neckline support; check downside risk

Lodha (Macrotech Developers) stock is seen trading close to the neckline support of the 'Head and Shoulders' pattern on the charts, indicating crucial support around ₹1,365 levels.

Macrotech Developers (Lodha) stock price has declined by 10 per cent from its June high of ₹1,531. In the process, the stock is now seen testing support around the 'Head & Shoulders' neckline on the chart.  The daily chart shows that Lodha stock has already dipped below the upper neckline support, which stood around ₹1,420 levels, and is now seen testing the broader neckline support, which stands around ₹1,365 levels.  Technically, a breakdown from the 'Headers & Shoulders' pattern is considered a bearish (negative) development for the stock, indicating a likely bearish reversal.  Here's a