AbhishekHSinghCMT
Long

ALBK - Head & Shoulder -2nd Innings starts soon above 72.50 -88

NSE:ALBK   ALLAHABAD BANK
1st Innings Head & shoulder breakout + confirmed by double top@73.50 gave the push upside & turned from 77 highs which was shy of 1-2 points from 79-80 -closing last trading day at 71.50 levels.

Price has pulled back to the neckline which can give another opportunity to bulls & this time if it surpasses 79-80 zone then it attempts 88-90 zone next.

Once it starts moving in your favour, you should keep trailing with profit stops.

Trading Plan
Likely ALBK             can hold into Right Shoulder zone 69-70 or moving above 72.50 - we need to keep a watch as it could be early signal for 78 - 80 zone & above 80 for 88-90 zone.

Head & Shoulder -1st Innings above 73.50



Long Term Analysis turning above 65 - Lawyer back in the courtroom

Trade active: 10:33 Hrs 8th Aug2017

Last Price@70.35

Makes low@69.65 Goes into Right Shoulder low@69.40 & bounces - 1st set done & now if support comes then we go next set which is upside.

snapshot
Comment: 08:32 Hrs 9th Aug2017

Last Price@69.85

Global Markets are weak - we need ALBK to push above 70 to give confidence for upside move else going below 69 - we will stay outside for temporary period & keep a watch once it starts moving above 70 & later 73 -that will be good sign for upside.
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Dear Abhishek, I think," drawing of H & S is not correct." Left shoulder lowest point is 66.80 but you use 68.60 as lowest point. This will not make prediction falls but not looking good at all. Sorry for giving contra opinion.
+3 Reply
Siddharth_Kr_Jain vaibhav14476
@vaibhav14476, What is your opinion on it. Do you expect a fall till 66.80.
Reply
vaibhav14476 Siddharth_Kr_Jain
@Siddharth_Kr_Jain, Respective sir, it is not going to touch 66.80. Prediction made by Abhishek is very good. I only mentioned little mistake in drawing.
Reply
Siddharth_Kr_Jain vaibhav14476
@vaibhav14476, Thanks
Reply
@vaibhav14476, Thanks. I never get biased with the patterns, counts & analysis - what I trade is figures & key levels.
Reply
thoughtfullinvestor AbhishekHSinghCMT
@AbhishekHSinghCMT, with due respect ur trade may get right here and yes u may not biased to patterns but if not why using head and shoulder pattern name also it should b said inverse head and shoulder , moreover there is no well defined head and shoulders but as i said u may get correct as it has strong support of trendline
snapshot
Reply
SatyamMishra AbhishekHSinghCMT
@AbhishekHSinghCMT, long above 72.50?
Reply
@SatyamMishra, Can hold in 69-70 Right Shoulder or Moving above 72.50 - It holded exactly at 69.65 which was right shouder low level.
Reply
SatyamMishra AbhishekHSinghCMT
@AbhishekHSinghCMT, iam in sir @ 69.8
Reply
@SatyamMishra, Next it should cross 72.50 -73 levels for 1st confirmation.
Reply
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