Anupam Rasayan - Inverse H&S Breakout on Weekly Chart
Chart patterns are the most loved trading strategy among traders. There are different kind of patterns traded in stock market. One of which is inverse head and shoulder - a trend reversal pattern. Upon formation of this pattern the stock trend get reversed. Generally if the stock is in consolidation phase then this pattern is seen.
Now here I have observed inverse head and shoulder pattern formation in one of the chemical manufacturing company in India named Anupam Rasayan India Ltd. On closely observing the chart, I found that the stock is in downtrend since May 2022 after making a high of 1234 and remain in downtrend till Oct 2023. Now the fresh uptrend in the stock is supported by inverted head and shoulder pattern which signifies that the stock can continue the uptrend in coming months.
The targets for this stock can be found by projecting the depth of head just after the breakout which comes around 1320. Also the stop loss for this trade can be put at the depth of right shoulder which is around 990.
Disclaimer: The stock shared is only for educational purpose and does not hold any buy or sell recommendations.
Now here I have observed inverse head and shoulder pattern formation in one of the chemical manufacturing company in India named Anupam Rasayan India Ltd. On closely observing the chart, I found that the stock is in downtrend since May 2022 after making a high of 1234 and remain in downtrend till Oct 2023. Now the fresh uptrend in the stock is supported by inverted head and shoulder pattern which signifies that the stock can continue the uptrend in coming months.
The targets for this stock can be found by projecting the depth of head just after the breakout which comes around 1320. Also the stop loss for this trade can be put at the depth of right shoulder which is around 990.
Disclaimer: The stock shared is only for educational purpose and does not hold any buy or sell recommendations.
Comment:
Stoploss has been hit in this share...