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.
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Trading above the trendline. Already up 3.5% in half hour of trading
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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
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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
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@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 :)