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
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.
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.
Sidharth_Kr_Jain
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@vaibhav14476, What is your opinion on it. Do you expect a fall till 66.80.
vaibhav14476
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@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.
@vaibhav14476, Thanks. I never get biased with the patterns, counts & analysis - what I trade is figures & key levels.
thoughtfullinvestor
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@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
SatyamMishra
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@AbhishekHSinghCMT, long above 72.50?
WaveTalks
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@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.
SatyamMishra
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@AbhishekHSinghCMT, iam in sir @ 69.8
WaveTalks
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@SatyamMishra, Next it should cross 72.50 -73 levels for 1st confirmation.