The price seems to have reached the end of a period of "accumulation" at the bottom of a major downtrend; the break up through resistance signals a reversal to a new uptrend.
The Head and Shoulders Bottom pattern is observed after a significant downtrend, characterized by three consecutive price declines. The middle decline forms the lowest point, known as the "head," while the other two declines form the "shoulders" at approximately the same level, but higher than the head. The pattern's volume is highest during the initial two price declines, decreasing through the right shoulder. Ultimately, the pattern confirms a reversal to a new uptrend when the price breaks above the neckline, drawn between the two highs, accompanied by a surge in volume. This breakout marks the end of a period of accumulation at the bottom and signals a shift in the trend direction.
expected targets has been marked in chart.
Request everyone to share, like, comment this chart for educational purpose.
Note for everyone who came across this study:
This chart is only for educational purpose.
This is not buying or selling recommendations.
I am not SEBI registered.
Please consult your financial advisor before taking any trade.
The Head and Shoulders Bottom pattern is observed after a significant downtrend, characterized by three consecutive price declines. The middle decline forms the lowest point, known as the "head," while the other two declines form the "shoulders" at approximately the same level, but higher than the head. The pattern's volume is highest during the initial two price declines, decreasing through the right shoulder. Ultimately, the pattern confirms a reversal to a new uptrend when the price breaks above the neckline, drawn between the two highs, accompanied by a surge in volume. This breakout marks the end of a period of accumulation at the bottom and signals a shift in the trend direction.
expected targets has been marked in chart.
Request everyone to share, like, comment this chart for educational purpose.
Note for everyone who came across this study:
This chart is only for educational purpose.
This is not buying or selling recommendations.
I am not SEBI registered.
Please consult your financial advisor before taking any trade.
Comment:
First Target achieved as expected!
Comment:
Now you should do TSL because already it was handsome short term movement for target 1.
Trade closed: target reached:
Both Target Closed!