Adani Port : H&S continuation pattern

Jun 24, 2019

H&S can be traded as continuation pattern. Schabacker, Edwards and Magee have written about this is their books. Adani Port has formed an inverted H&S pattern. Breakout and right shoulder have seen volume activity but Head is not confirming volume pressure on upside move. It has come to touch neck line and reversal from neckline will be confirmed only on weekly close above 432. Target of the pattern is 520 with stop loss below 380 on weekly closing basis. RSI is also showing inverse H&S with neckline tilting upward.