Get started

Titan

Titan - Is this Head and shoulders ??? Is this head and shoulders? Yes Is this a good head and shoulders pattern? No Here are the reasons why one should avoid going short: 1) Premature neckline breakdown in almost 41+ bars. A breakdown in approx 64 bars (or little more) would have been a good one. 2) Volume increases near the head and shoulder peak and decreases near the neckline in case of good pattern. In this case volume increases near the neckline and remains flat near the peaks. 3) Price hugging (re-testing several times) the neckline even after breakdown. Whenever neckline is retested several times it starts getting weak. I wont be surprised if the neckline is broken upwards and Titan moves towards 875-882 zone. Conclusion: Avoid taking any position for now. Lets wait for a proper pull back before going short (for a favourable risk reward) or a breakout above 945 before going long. A counterfeit note is also a note. But one must be judicious and shrewd enough to cherry pick classic patterns and let go the rest. Suggested reading to know more about classic patterns: 1) Technical Analysis of Stock Trends by Robert D. Edwards and John Magee (Explanation of all the classic chart patterns in detail) 2) Diary of a Professional Commodity Trader by Peter Brandt. (This is must read for traders who have surpassed beginner phase. In this book he has explained both his successful and unsuccessful trades from the past along with the trades that he chose to avoid with proper justification)
NSE:TITANEducation
by k314
22
Titan - Clear Head & Shoulder setupTitan has made perfect Head & Shoulder pattern on weekly charts and now breaking down from neckline support while volumes are jumping upwards, during the formation of H&S also one can see that with every fall volumes gone up while on green days volumes were comparatively lesser, this is perfect example of a neat H&S setup, So as it is now breaking down below Neckline support so a good time to take short position and can trail sl with 100 Day EMA which is currently around 838. Based on the depth of head from neckline chart is suggesting that below neckline we may see around 20-22% fall, which comes around 660, Also there is a unfilled gap in between 725 - 668 zone, so if falls come then expect this gap to get filled, though 725-730 may provide some support on down side, below that expect to see non stop fall till 660-670.
NSE:TITANShort
by KunalJain