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Head_and_shoulder

Technical Analysis : RELIANCE getting ready for short... :)Reliance Chart in following leaps, Slightly in Downtrend, (from OCT2020) Head & Shoulders TOP, (Created high price- the HEAD and now the reversal action) A triangle Flag pattern, (In Daily | hourly time frames confirming traders sentiment for selling) RSI is not oversold, in higher time frames, and in lower's reaching to Oversold. Confirming, to reach oversold level, at H&S target. Or bounce back to new highs at pre-support levels. Bonus: Current price's Hype & high is also due to on past H&S at bottom Between Jan2020 and June 2020. Price reached past target now slightly in Downtrend. Traders may square off and reopen at low prices, until any positive sentiment news appears "_" Consider my work as beginner's. Hoping, analyzed, well sortoff. -VK
NSE:RELIANCEShort
by VikingVinay
📚Learn More💰Earn More - Inverted Head and Shoulders in USDJPY📚 LEARN MORE 💰 EARN MORE With ForecastCity Inverted Head and Shoulders Definition: A head and shoulders pattern is also a trend reversal formation. It is formed by a Valley (left shoulder), followed by a Lower Valley (head), and then another Higher Valley (right shoulder). A “ Neckline ” is drawn by connecting the highest points of the two Peaks. Neckline resistance does not need to be strictly horizontal. This illustrates that the downward trend is coming to an end . When a Head and Shoulders formation is seen in a downtrend, it signifies a major reversal . The pattern is confirmed once the price breaches the neckline resistance . In this example, we can easily see the head and shoulders pattern. How to Trade the Head and Shoulders Pattern : ENTRY: we put an entry order above the neckline. TARGET: We can also calculate a target by measuring the lowest point of the head to the neckline. This distance is approximately how far the price will move after it breaks the neckline. ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
Education
by ForecastCity_ME
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