SREINFRA,Inverse H & S +Bull Engulf + falling wedge->> go go go

NSE:SREINFRA             It is trading in a falling wedge pattern and about to breakout upwards.
A valid Inverse Head & shoulders pattern has been formed and also the last two candles form Bullish Engulfing pattern.
Confluence of all these factors suggest for long positions .
Longs may be taken at current levels with tight stoploss below 100 or once it breaks the trendline with stoploss around 97.
We can see targets of 112,125 and 140.
Comment: Trading above the trendline.
Already up 3.5% in half hour of trading
Comment: Throwback has occured to the falling wedge , if it manages to bounce back above the trendline , longs may be initiated around 102.5-103 levels
Comment: took support and formed an hammer .Go long above the high of the hammer ie 103 , also sometimes price test the low of the hammer in which case go long at about half the length of hammer ie around 101
hasn't it formed a bearish HnS now. what do you think bro
atul4b95 mightyrajat
@mightyrajat, Looks like one but if we consider the definition of H&S its a reversal pattern which needs a trend to reverse ,here we already trending downwards so can`t say if a bearish H&S is formed.Also the original inverse H&S is still valid as the price has not breached its head around 94-95.If seen closely ,i find a complex H&S in the making with 2 shoulders on each side :)
great bro....
+1 Reply
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