#MARUTI...Inverted H&S BO has happened but can you make money??
As can be seen an inverted H&S pattern was forming on the daily charts and a BO has happened...
Now many analysts here will show you a view of this pattern, maybe RSI/MACD numbers, and tell you how there is a huge upside to buying this stock right now..how you can earn 20% profits in a few months.. I am not saying they are wrong but I am not as confident as them about this trade...
Hear me out ...
These analysts fail to notice the thick multiyear resistance/support band just above the inverted H&S pattern... In my opinion it is going to give trouble in short term..and any who buy arnd 7300-7500 in the hopes of stock going up soon maybe disappointed...
If you are experienced and you know what you are doing .. Then go ahead and put your money in..
But if you are one of those people who took it as an investing tip from analysts here and do not know TA yourself..hold off...and only invest after daily candle closes above 7700 and retest of band happens...Yes you will make less money than most risk taking traders but you stand to lose less money too...
Remember, Multiyear resistance BO>=Weekly Pattern BO>=Daily Pattern BO...
Also note the inverted H&S forming in long term.. scroll chart left...
Can be seen better on weekly/monthly timeframes..
This is obviously my sole view .. you can choose to agree/disagree..TA always indicate the price movement and doesn't guarantee it.. However I strongly feel about what I said so keep an eye..
Now many analysts here will show you a view of this pattern, maybe RSI/MACD numbers, and tell you how there is a huge upside to buying this stock right now..how you can earn 20% profits in a few months.. I am not saying they are wrong but I am not as confident as them about this trade...
Hear me out ...
These analysts fail to notice the thick multiyear resistance/support band just above the inverted H&S pattern... In my opinion it is going to give trouble in short term..and any who buy arnd 7300-7500 in the hopes of stock going up soon maybe disappointed...
If you are experienced and you know what you are doing .. Then go ahead and put your money in..
But if you are one of those people who took it as an investing tip from analysts here and do not know TA yourself..hold off...and only invest after daily candle closes above 7700 and retest of band happens...Yes you will make less money than most risk taking traders but you stand to lose less money too...
Remember, Multiyear resistance BO>=Weekly Pattern BO>=Daily Pattern BO...
Also note the inverted H&S forming in long term.. scroll chart left...
Can be seen better on weekly/monthly timeframes..
This is obviously my sole view .. you can choose to agree/disagree..TA always indicate the price movement and doesn't guarantee it.. However I strongly feel about what I said so keep an eye..
Comment:
rejected by the resistance as predicted.