CautiousChartist

KOPRAN - Flag Breakout

Long
NSE:KOPRAN   KOPRAN LTD
Simple chart of a flag breakout and is above all important moving averages.
Trade active: Short Term target achieved.
Comment: Higher targets can be seen 175, 195
Trade active: 175 almost hit. This week it might see a red candle but one can hold it for higher targets. The rising story is intact.
Trade closed: target reached: High of 198 reached. This short term chart analysis ends here.
Will update this space with a new chart.

Comments

Good chart presentation. as we all here in this community for learning purposes. there I am not disagreeing with your work, your work is absolutely amazing. I am just here pitting my dimensional view on this chart.
my am view is based on Candlestick anatomy, as you have mentioned ( left shoulder, head, right shoulder) I see this from a different angle.
there are groups of longer-term topping and bottoming patterns that include the tree mountains, the three rivers,( these are head and shoulder patterns in the western world). The three Buddha Tops, inverted Three Buddha, is slightly different from this.
If the central mountain/river of three mountain/river top is the highest mountain/river it is a special type of three mountain/river called A Three Buddha Top/ Inverted Three buddha.
this is a perfect analogy to a head and shoulders pattern. Although the three Buddha top is an analogy to the Western Head and Shoulder pattern.
so I look at this as one as an Inverted Three Buddha rather than a Head & shoulder pattern. the reason behind it. In the Head & shoulder pattern, we need to have a valid neckline, which connects all three points, so in this, I am unable to find that. wherein Inverted three buddha, we don't need valid neck like we just need three bottom peaks to confirmations.
Thank You
+5 Reply
@Harshit_bhadoriya Well, thank you for such a detailed informative post. I would read more into the Mountain, Buddha and Rivers. However, there is no hard and fast rule that a Head and Shoulder pattern doesn't work if you don't have a neck line.

Lines & patterns are mere historic repetition of successful references but what is important to read from every pattern is the supply and demand.
The neck line's significance in supply and demand is comparatively lesser than those of the shoulders after considering Fibonacci retracements.
When this is coupled with a strong breakout from a pattern like a flag as well as a trend line, the volume bars and price dominate the rising story and not the pattern.
+1 Reply
Harshit_bhadoriya CautiousChartist
@CautiousChartist, I am strongly agreed with your point. We all together make this community for best place to learns from each others experiences.
+1 Reply
@Harshit_bhadoriya Yes, learning never ends and this site / community is awesome. Deeply thankful to tradingview for providing us all with such a platform.
+1 Reply
A very good chart
+3 Reply
@JKoptions Thank you. Glad you found it useful.
+2 Reply
Short term target achieved.
thanks bro.
+2 Reply
Very good, Stock in blue moon territory
+2 Reply
@amendse, Thank you. Glad you found it useful.
Reply
Nice catch of the H&S pattern.
+2 Reply
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