Observations:
1) Weekly chart has formed Inverted - Complex Head & shoulders pattern (I.H.S.)
2) Price has given breakout from neckline of I.H.S.
3) Fibonacci levels are also in line with neckline of I.H.S. which makes neckline more reliable.
Considering above, it will be wise for an investor to jump into this stock with long term view.
Stock must not break price levels of 149- 151 to keep reversal of trend in this stock intact.
By rules of Head & Shoulders, price target between 205 - 215 can be expected!!!
Note:
1) Volume pattern was not as per rules of Head & Shoulders, hence it has not taken into account.
2) L.S. refers to Left Shoulder
3) R.S. refers to Right Shoulder
Disclaimer:
This idea is presented just for educational purpose only. You will be solely responsible for your own money & decisions you take.
1) Weekly chart has formed Inverted - Complex Head & shoulders pattern (I.H.S.)
2) Price has given breakout from neckline of I.H.S.
3) Fibonacci levels are also in line with neckline of I.H.S. which makes neckline more reliable.
Considering above, it will be wise for an investor to jump into this stock with long term view.
Stock must not break price levels of 149- 151 to keep reversal of trend in this stock intact.
By rules of Head & Shoulders, price target between 205 - 215 can be expected!!!
Note:
1) Volume pattern was not as per rules of Head & Shoulders, hence it has not taken into account.
2) L.S. refers to Left Shoulder
3) R.S. refers to Right Shoulder
Disclaimer:
This idea is presented just for educational purpose only. You will be solely responsible for your own money & decisions you take.