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Head and Shoulders

Shocked by Nifty50's sharp correction? Don't worry!Today NIFTY has crashed by 350+ points and reached 23165, a correction from 23800 levels . Let me explain, This Nifty Daily chart is a classic example of how many fundamentals of Technical Analysis are satisfied. 1) Old resistances in 2024 at 22800 will now become Support levels 2) If it goes to 23000 and stops at 22800 levels it also fulfils the Wave 4 criteria, which says that Wave 4 never gets in Wave 1 territory 3) If this happens, the chart also completes an Inverse Head and Shoulder's Right Shoulder bottom to make an up-move towards the Neck. 4) if it crosses the Neck, the targets of Nifty will be above 25500, which will be 2500+points. Technicals are beautiful only when you practice them.
NSE:NIFTYLong
by marwah.raghav
possible INVERTED HEAD&SHOULDER in NIFTY50 soonThe Head and Shoulders consists of three distinct peaks: Left Shoulder: A peak observed towards the end of November, followed by a downward movement. Head: The highest peak formed around early January, indicating a strong upward movement before declining. Right Shoulder: A smaller peak formed in late March, followed by another decline. The neckline, which is a horizontal line connecting the troughs between the shoulders and the head, is positioned near 21,734.60 INR. This neckline is a critical support level that traders closely monitor. Potential Scenarios Bearish Reversal: If the price breaks below the neckline, it could signal a bearish trend, potentially leading to further price declines. This aligns with classic Head and Shoulders behavior. Bullish Breakout: There’s also an upward arrow on the chart suggesting a potential bullish breakout above the right shoulder, targeting a level of 23,807.30 INR. This would indicate a rejection of the bearish setup, leading to a trend reversal to the upside. Additional Observations The current price is 23,162.10 INR, down by 357.25 points (-1.52%), with a trading volume of 255.38M. This recent decline might indicate pressure near the neckline level, reinforcing its importance in upcoming sessions. From this analysis, traders might: Keep an eye on the neckline for signs of a breakdown or reversal. Watch for volume spikes during any breakout or breakdown, as these could confirm the validity of the movement.
NSE:NIFTYLong
by TechnicalAnalystSucrit
Inverse Head and Shoulder pattern In Silver ? New high Soon?chart shows an Inverse Head and Shoulders pattern in Silver Futures on the 1-hour timeframe. The neckline (resistance) is marked by the blue zone, which, if broken with strong volume, could confirm a bullish breakout. The projected price movement (black arrow) suggests a potential rally toward ₹106,000. A confirmation would come if the price breaks above the ₹101,987 - ₹103,000 resistance zone with volume. Place SL below the right shoulder (~₹100,000) for a safe trade.
MCX:SILVER1!Long
by handaakshsy
SPLPETRO : #SPLPETRO #swingtrade #patterntrading SPLPETRO : Swing Trading >> Inverse H&S pattern visible >> Good Strength in Stock >> Volume Building up >> Risk Reward Favourable Swing Traders can lock profit at 10% and keep Trailing Please Boost, comment and follow us for more Learnings. Note : Markets are still Tricky and can go either ways so don't be over aggressive while choosing & planning your Trades, Calculate your Position sizing as per the Risk Reward you see and most importantly don't go all in Disc : Charts shared are for learning purpose only, not a Trade recommendation. Do your own research and consult your financial advisor before taking any position.
NSE:SPLPETROLong
by moneyfesttrading
7
ONGC I OIL Burning Bright : Inverted H&S Pattern!!Hello Traders, - ONGC is trading at a place called AOI (Area of Interest) A place from where price usually reverses. - 218 levels is acting as a strong support pushing prices higher after a intraday low of about 3% making a big pin bar candle on 1D chart - Inverted head and shoulder on 15m timeframe. PRO TIP/- The Entry Line is the Neckline of the inverted Head and shoulder. Target 1:- 228 Target 2 :-231 Entry Criteria Strong Close above Entry Line (225) 15mins TF Stoploss Entry Candle Low (not more than 0.8%) Not an Investment Advise
NSE:ONGCLong
by REUBEN_EUSTACE
More fall expected in Nifty?NIfty has formed a bearish head and shoulder pattern, whose neckline has broken recently. Further, it was rejected from a downtrend line during its last swing. 21800 can act as next support, while 21450-21350 is the pattern target range as well as support zone. If it can't hold these levels, a fall to 20350 levels is imminent to cover the gap formed earlier. Interestingly, this zone is also the target indicated by the pattern. But can it reach directly to these levels? It may not. Its very common in the market to have relief rallies after a fall. So the market may retest previous support levels of 22500 before determining its direction. Let me know your thoughts on this. If you found this helpful, like this post. Follow me for more such updates.
NSE:NIFTYShort
by jayaprakash99
IRCTC - BULLISH & BEARISH BIASSymbol - IRCTC CMP - 900 IRCTC is currently trading at an interesting zone. After a good rally in the last year, This stock is following a trendline resistance making lower - lows price action & showing no strength of price growth. I am tracking this stock from quite some time. I will be interested in long positions on breakout of 940-950 resistance zone. I will be even more interested in shorting this stock if this stock breaks 850 on downside & sustain below it as it stock is making a Head & shoulders pattern in larger time frame. Such patterns tends be more accurate on larger time frame & don't fail if gets activated. This pattern will get activated if price break neckline on the downside then I will be shorting futures for more downside targets. What will happen? Only the time will tell. My job is to keep it on radar & enter in longs above 950 & enter in short below 850.
NSE:IRCTC
by akshit_official
5