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Inverse Head and Shoulders

DMART - Inverse Head & Shoulder PatternIt is an Inverse Head & Shoulder Formation. On 18 may 2021, There is a Candle with a good volume breaking the Neckline of the Pattern. This is a positive sign or a confirmation for an Up move. Stock price is taking support of a Neckline. If stock shows some up move and when it breaks the nearest swing high (red candle next to the breakout candle) we can take entry for Swing or Positional trade. So the Entry price is above 3090.95, we can take entry between 3095-3100. Formula to calculate the Target Price Target = (Height from head to neckline) + Neckline Height from head to neckline = 309.45 Neckline = 3018.95 Target = 309.45 + 3018.95 = 3328.4 So we get here Target 3328.4 and it is near to the all time high price that is 3330. You can consider stoploss close below the shoulders of the pattern as it can be the support line. Disclaimer : I am not Sebi registered or expert in stock market. This is my personal analysis for educational purpose. I am not responsible for any profit / loss.
NSE:DMARTLong
by AmeyKajarekar