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Inverse Head and Shoulders

BPCL Bullish Breakout BUY!Attached: Daily Chart as of 17th March, 2023 - Price shot up a whooping 6.24% on 16th March (Thursday) and also held the Gains closing Higher on Friday - Overall giving a Strong Weekly Breakout Candle closing above the 350 key level - 315 level or the 0.618 Fib retracement held out perfectly as a support🙏 Indicator Signals: - MACD crossed above 0 line ✅ - RSI crossed above 70 ✅ - DMI gave Buy signal ✅ - ADX is above 25 ✅ - An Inverse Head & Shoulder Pattern is currently active given the Breakout Candle📈 Upside Potential: A Short Term Target 🎯 of ~ 400 is now Open Stop Loss for the same is < 325
NSE:BPCLLong
by T_Harth
Will Nifty complete IVHS pattern?It looks like Nifty is forming a IVHS pattern on 15/30 min TF. The neckline of IVHS is around 17480-17500 levels which will be a strong resistance. RSI is showing divergence in 30 min TF which might indicate an upmove. 17200-17250 is the next strong support for Nifty which is very close to the CMP and hence, a short trade might not be a good option. However, US market and tomorrow morning's opening will be a key deciding factor on trend for next week. This is my personal opinion on Nifty just for educational purpose and kindly trade as per your own analysis.
NSE:NIFTY
by chartistamey
Best Swing To Trade Ultratech Cements Hello Everyone, Today i am back with a wonderful share to swing Ultratech Cement as you can see that there is a Inverse Head and Shoulders and a Slanting Channel which is a very bullish sign, destroying the chances of bear as the Retest is also complete and stock has moved up also. Now coming to targets so if we take the target of the channel it is 7980 at 12% Profit From here and if we take the target of Inverse Head and Shoulders it is 8571.95 at 20% Profit From here. This is just an opinion and do it on your own or by asking your financial advisor.
NSE:ULTRACEMCOLong
by UKnowN_ThE
BPCL: Inverse Head and Shoulder reversal Inverse Head and Shoulders Continuation: This pattern forms in an extensive upside rally. It consists of a left shoulder, a head, and a right shoulder. At the end of the left shoulder, a minor correction takes place on the upside which happens on the low volumes comparatively the starting of the left shoulder. After this again a down move can be seen on large volumes forming a head having its bottom is below the left shoulder following an upmove correction on lower volumes & completing the head. The completion of the head must be above the top of the left shoulder. If the prices rise above the top of the left shoulder then too this pattern remains intact. In the end, the right shoulder is formed usually on smaller volumes comparatively the previous two rallies. Now if you connect the tops of the left shoulder, head & the right shoulder there will be a formation of the ‘Neckline‘. This line will act as a decision line. If the prices break this neckline & give closing above the line, this will be the confirmation of the breakout of the Inverse head and shoulders pattern. However, it has been noticed that after breaking of the neckline the prices again attracted towards this neckline. We say this phenomenon as a retest of the neckline which will add some more confidence while trading this pattern. After retesting if the prices again start rising, this will be the final confirmation of the up move as shown above. The bookish target of this pattern is taken as the vertical price range from the bottom of the head to the neckline & the bookish Stop loss should be the bottom of the right shoulder. However this stop loss can be big, so it is advised to keep a stop loss of 4-5% of the price range below the neckline. TRADING STRATEGY: Buy on cmp add on dips , keeping SL of 320 look for the measured target of 415 and beyond that targets are 443 /500 as per ElliottWave perspective.
NSE:BPCLLong
by TradingSutra