HBL Engineering stays above 740 neckline after pullback

HBL Engineering closed at ₹763.60 after a 2.02% fall and is still above the ₹740.10 neckline of an inverse head and shoulders on the daily closing chart. HBL Engineering Limited [

] closed at ₹763.60 in the latest session, down 2.02%. The stock is still about 3.2% above the ₹740.10 neckline of an inverse head and shoulders on the daily closing chart. Why it matters: this pattern forms after a fall and suggests sellers are losing control. The stock slipped from near ₹1,122, its 52-week high, to a closing low near ₹655 in late August 2026. Buyers then held the ₹705 area, which formed the right shoulder. The reading: the head sits about ₹85 below the neckline. Adding it to ₹740 gives a measured move near ₹825. The breakout came with a volume spike, which supports it. The latest fall came on lighter volume of 771.12 thousand shares. RSI is 54.28, below its average of 62.42, so momentum has cooled. What next: a retest of ₹740 is common after such breakouts, and holding it may keep the pattern valid. A close below ₹705 may weaken the structure. A close above ₹810 may bring ₹855 into focus. Disclosure & Disclaimer: I and my family members do not hold any position in the stock discussed. This content is provided solely for informational and educational purposes and should not be construed as investment advice or a recommendation to buy or sell any security. Investments in the securities market are subject to market risks. Please read all related documents carefully before investing.