Inverted or bullish Head and shoulder formed in Pidilite Industries.
Bullish Engulfing is the only candlestick pattern that can be used for continuation pattern.
Waiting to pierce the high of the previous bullish candle.
At current scenario we are not sure that this classic Head and shoulder pattern will achieve their target because because there is an immediate and strong downtrend line is placed above.
Volume is also low at the current level so we are not getting confirmation from volume.
RSI is placed about 60 which is the healthy signal for price may make higher upside in coming days.
Bullish Engulfing is the only candlestick pattern that can be used for continuation pattern.
Waiting to pierce the high of the previous bullish candle.
At current scenario we are not sure that this classic Head and shoulder pattern will achieve their target because because there is an immediate and strong downtrend line is placed above.
Volume is also low at the current level so we are not getting confirmation from volume.
RSI is placed about 60 which is the healthy signal for price may make higher upside in coming days.
Trade closed manually:
First target achieved in Pidilite.
Pidilite is now facing the strong resistance from down trendline.
RSI level is at 70, hence we are expecting an upside breakout.
If price break and close above down trendline then we can see a good upside momentum with shorter throw back.
Pidilite is now facing the strong resistance from down trendline.
RSI level is at 70, hence we are expecting an upside breakout.
If price break and close above down trendline then we can see a good upside momentum with shorter throw back.