Bravetotrade
Long

Inverted H&S: Right At The Top in Biocon

NSE:BIOCON   BIOCON
The long trades could be initiated above the neckline of this inverted pattern.

Hope this idea will help some traders for better trade planning.
Do hit the like button and comment if necessary.

Regards
Bravetotrade
Comment: I will try to delve into the levels as soon as the trade is initiated.
Comment: Nice

We can wait for a close above neckline on hourly before going long.
One can try any other entry technique that works.
Comment: Trade will be active above 616, stop below 600, target will be 645.
Comment: Order above 616 still pending.
Comment: Stock is taken down by the weak market. The pattern will be reconsidered above neckline 612-613 level. Pattern will be negated below 566.
I think the trade is active now
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right shoulder should complete with big volumes.. then only trade can be initiated.. am I right sir?
Reply
Bravetotrade nareshbabuh
@nareshbabuh, sorry I could not understand the word 'complete' in your question. Will u please elaborate it.
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nareshbabuh Bravetotrade
@Bravetotrade, I mean the right shoulder touching the neck line
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Bravetotrade nareshbabuh
@nareshbabuh, if you mean break out of neckline with big volume.. Then yes it should.
But up to the end of this down move I would like to see lower volumes.
I hope I was able to convey how I look at it.
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nareshbabuh Bravetotrade
@Bravetotrade, exactly.. I wasn't able to convey the message properly but we are on the same page :-)
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Bravetotrade nareshbabuh
@nareshbabuh, 👍
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Shouldn't it be better to have a inverted Head and Shoulder pattern at the bottom? It is a bullish reversal pattern right so must have something to reverse.
Reply
Bravetotrade praveen.bhatiya
@praveen.bhatiya, I agree. But inverted h&s is normal as a continuation pattern in the middle of up moves.
And who knows when we ll look at the chart after few weeks, this may look like a solid base :)
Reply
praveen.bhatiya Bravetotrade
@Bravetotrade, yes you are right. Market is supreme let's see what it wants to do. Thanks for your prompt reply.
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