Nazara Technologies Ltd.
It appears that the price has completed a phase of "accumulation" at the bottom of a major downtrend, and the recent breakthrough of the resistance level suggests a potential reversal to a new uptrend.
To identify this pattern, traders often look for a Head and Shoulders Bottom formation, which involves three consecutive price declines following a significant downtrend. The lowest point, or the "head," is situated in the middle, flanked by two "shoulders" at around the same level but higher than the head.
As the price makes the first two declines, the trading volume is usually the highest and then decreases during the formation of the right shoulder. Finally, when the price surpasses the neckline, which is drawn between the two highs, the volume typically surges, confirming the reversal of the trend.
Note for everyone who came across this study:
It appears that the price has completed a phase of "accumulation" at the bottom of a major downtrend, and the recent breakthrough of the resistance level suggests a potential reversal to a new uptrend.
To identify this pattern, traders often look for a Head and Shoulders Bottom formation, which involves three consecutive price declines following a significant downtrend. The lowest point, or the "head," is situated in the middle, flanked by two "shoulders" at around the same level but higher than the head.
As the price makes the first two declines, the trading volume is usually the highest and then decreases during the formation of the right shoulder. Finally, when the price surpasses the neckline, which is drawn between the two highs, the volume typically surges, confirming the reversal of the trend.
Note for everyone who came across this study:
- This chart is only for educational purpose.
- This is not buying or selling recommendations.
- I am not SEBI registered.
- Please consult your financial advisor before taking any trade.
Trade closed: target reached:
Educational Target achieved! No further analysis done in this script.