RELIANCE seem to have formed H&S formation. Structure is tilted on the left and has formed over a long period (~10 months). Finally the structure seem to have completed though the price is still trying to bounce from the neckline. Today we have an evening star kind of formation which might push the price towards neckline…
In the above weekly chart of Snowman Logistics (SNOWMAN), we can see H&S (Head and Shoulders) pattern formation over a period of nearly 7 years and now it has broken out from the pattern. Re-test of the neckline also seem to have been done in last few weeks and neckline provided good support. If we…
Amazon has formed an inverse head & shoulders pattern which has bullish implications but there is a sustainable breakout. Given the good results in past few quarters, fundamentals also support the bullish view. Having said that, recessionary fears are here to stay though it might still be some time before something starts showing up in…
Here is the daily chart of NSE:NIFTY which has started showing some signs of weakness. Firstly, you can see a head and shoulders at the top with neckline in blue. Neckline has been broken down. Head and shoulders (H&S) is a classic reversal pattern which is good at capturing tops and bottoms. This could be…
This post is purely for education purpose to depict one of the most well known chart pattern, head & shoulders (H&S) in action. Weekly chart of Tesla shows a textbook H&S formation which broken down from neckline during end of October this year. As per classic TA (technical analysis), we measure the height of head…
Apple has formed a bearish head and shoulder pattern clearly visible in weekly timeframe. Right shoulder has fallen in 5 waves as you can see in the chart. And the stock seem to have completed zigzag ABC correction. 5 waves impulse down in a confluence that this H&S might break down. As per EW counts,…
Update [16th Dec]: Today the stock closed below H&S neckline. However the 5 waves seem clear now, which means a pullback maybe on cards. Crompton Greaves (NSE:CROMPTON) has formed a nice H&S pattern. Right shoulder seem complete and price is testing the neckline. So far, there is no breakdown and volume activity is also missing….
Mahindra & Mahindra Finance (M&MFIN) has formed a bullish head and shoulder pattern in monthly chart. Last Friday, it tested the neckline after breaking out. Volumes are missing on breakout so it doesn’t give much confidence. Plus, given the current market conditions, I wouldn’t be surprised if it turns out be a failed pattern since…
SPX has formed a bearish head and shoulder (H&S) pattern in daily and neckline has been broken. Yesterday, it tried to retest the neckline but failed. It might still try to do it and in the process may waste some time but once it continues down, it could go near 3500 as per the height…
BNBUSD (Binance Coin) formed a nice H&S (head and shoulder) formation, broke down and now retesting the neckline. Notice the decreasing volume on rise from beginning of August which shows weakness. Neckline around 288 seem like a good place to short and we might see 225 or lower levels in days to come.