Series of Bullish Patterns in CRAFTSMANCRAFTSMAN stock chart has formed a series of bullish patterns. Let's break it down:
📈 Inverse Head and Shoulders Pattern 📈
➤ The inverse head and shoulders pattern formed from January 2023 to May 2023 at all-time high levels.
➤ Inverse Head and Shoulders is generally considered a bullish signal.
📈 Breakout and Retest 📈
➤ On May 31st, 2023, a breakout occurred for the inverse head and shoulders pattern with good volume, indicating a potential upward move.
➤ The next day, on June 1st, a retest of the breakout level occurred at the neckline of the inverse head and shoulders pattern, further strengthening the bullish case.
📈 Ascending Triangle Pattern 📈
➤ Following the retest, an ascending triangle pattern formed on the lower 15-minute time frame.
➤ An ascending triangle is a bullish continuation pattern, indicating potential upward momentum.
📈 Based on these patterns, the overall technical outlook appears positive. The inverse head and shoulders pattern followed by a breakout, retest, and subsequent formation of an ascending triangle suggests potential upward momentum in the stock's price. Consider planning a buy entry upon the breakout of the ascending pattern if you missed the entry at the retest of the neckline.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. I am not a SEBI registered analyst. Always conduct your own research and consult a qualified professional before making any investment decisions.
💬 Feel free to share your observations and insights in the comments section. Your comments and feedback are greatly appreciated. Don't forget to like this analysis if you found it helpful!
🤝 Thank you for your continuous support, likes, follows, and comments. Your engagement keeps me motivated to consistently provide valuable content.
Follow me on TradingView for more articles and trade setups: in.tradingview.com
🚀🔥 Trading is a journey. Stay motivated and keep learning! 🔥🚀
Technical Terms Explained :
Inverse Head and Shoulders Pattern : A bullish reversal pattern characterized by three successive troughs, with the middle trough (the head) being lower than the other two (the shoulders). It indicates a potential trend reversal from bearish to bullish.
Breakout : When the price of an asset moves above a significant level of resistance, signaling a potential upward move.
Retest : After a breakout, when the price retraces back to the breakout level, acting as a test to validate the breakout's strength.
Ascending Triangle Pattern : A bullish continuation pattern characterized by a series of higher lows and a horizontal resistance line. It suggests potential upward momentum.
