Cummins Bullish BreakoutCummins forming good inverted head and shoulder at the break of monthly downtrend line with good volumes. both good for swing trade with target of 12% and a start of new uptrend.
CUMMINSIND trade ideas
CUMMINS INDIAPsychology of Inverse Head and Shoulders Pattern....
The psychology of the inverse head and shoulders pattern is explained next: The head and shoulder bottom pattern occurs during a downtrend, with the left shoulder being an additional lower low for the downtrend. The first peak after the left shoulder is just another expected short-term retracement up in a downtrend. From there prices continue moving downward and make yet another lower low (creating the head). So far the inverse head and shoulders pattern is not a head and shoulders pattern at all; it is just a lower low, with a short retracement upward and a second lower low in a downtrend. However, problems begin to arise either at the second retracement peak or the right shoulder bottom.
For an upward sloping neckline, the second peak created by the retracement after the head's lower low is far higher than expected. Since the second peak is a higher high and one definition of a downtrend states that prices make lower lows and lower highs, technically the downtrend is over and a new uptrend could be beginning. The right shoulder bottom being higher than the head bottom confirms the potential end of the downtrend because now there is a higher high and a higher low, one of the main definitions of an uptrend.
However, for downward sloping neckline inverse head and shoulders pattern, the second peak created by a retracement up from the head bottom is still a lower high and suggests that the downtrend is still intact. Not until the right shoulder fails to make a lower low do traders begin to worry. When the neckline is broken above on a downward sloping neckline on the inverse head and shoulders pattern, essentially the downward sloping resistance line of the prior downtrend has been broken.
Inverted Head and Shoulders Upward Breakout Price Target: Breakout Price + ((Neckline Price - Lowest Price in Head) * 74%)
Traits that Increase the Inverted Head and Shoulders Pattern's Effectiveness
Larger the price decrease prior to pattern, greater the price reversal
Patterns with downward sloping lines perform best
Patterns with upward sloping lines perform best
Higher left shoulder than right increases performance
channel breakoutafter many weak trade in channel range it gives a breakout with strong volume .Entry above the 867 .1st Target 908,2nd target 930. sl is below the breakout candal.
Cummins - buyBuy from cmp to 824
easy target 852
Disclaimer : This is my personal analysis for study purpose not intended for trading
Cummins India Trend line Breakout Positional Trade(3-4 weeks):
Buy: Cummins India
CMP: 856
Target: 915
Stop Loss: 830
[Positional] CUMMINSIND: Chanel BreakoutAs per chart.
Long only on trigger.
SL will be updated post any trigger.
DD ADvised.
F&O Stock - Expecting Breakout ✌✌This scrip is ready to fly as it is on the verge of breakout. So traders keep on your radar to catch the momentum.
Cummins India Multi Year BreakoutCummins India has given multi year breakout on monthly chart. And previous resistance has become support now.
Cummins IndiaRetested trendline breakout, initiate long
Good volumes seen
RSI at levels of 61
Hold for target - 1093
Support at 735
CUMMINS CAN GO LONG WHEN PRICE REACHES 781.00
ENTRY 781.00
STOPLOSS 753.9
TARGET 934.25
THIS IS FOR EDUCATIONAL PURPOSE TRADE WITH YOUR OWN RISK
Cummins India - Channel BreakoutCummins India had taken a good breakout from the channel pattern, Give an entry with appropriate Stop loss
Aggressive traders enter at the breakout and conservative traders may give entry after retracement
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
🔴DISCLAIMER
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
