Madam, Its inverted head and shoulders so far. It has not yet formed rounding bottom. And we have no clue of its going to form rounding bottom or cup and handle or any other pattern. you should be spotting an inverted head and shoulders if you want to sound like a technical analyst, so to speak. Predicting the trajectory an unformed pattern makes you sound like an astrologer. Correct me if I am wrong.
csk
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@Rasika_S_Patel, i know you got good technical knowledge. But to identify chart pattern you need experience. Thats a clear rounding bottom formation. And you are wrong about your analysis. No hard feelings :)
Rasika_S_Patel
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My two cents to @csk,
1) If that's the rounding bottom can you please show plot the rim/neckline and show it? Rounding bottoms generally have a up trending price that leads to its rim/neckline.
2) Do check the volume pattern also.
3) Even if its a rounding bottom its still below 200 day moving avg. As per the statistics rounding bottoms have low success rates when it occurs below 200 day SMA hence must be avoided.
Learn the basics well. If making money was that easy by plotting trendlines and spotting patterns even a high school kid would have made millions! There are so many criteria before considering something valid and taking a position. Its evident that most of you do not trade.