iCharts Discussions

[vetrivel]

Hello Friends,

Will the neck-line break-out ???

Better to wait for firm close above 3155.

With Love & Regards,
Vetrivel

[Stockhunter]

Hello Vetri saar,

Well spotted saarr. We have had a 11 month consistent downtrend and then an inverted H&S .... this inverted H&S theoritically qualifies for a trend reversal pattern too.

Lets wait and watch the fun n games....

Cheers

[shekharinvest]

friends,

pl. dont be presumptive. volumes for the left shoulder and head does not support it to be H&S in the making and the time between head and shoulder formation do not support either.



shekhar

[vetrivel]

Dear Friends,

Though the actual Nifty SPOT price (Last traded),is above the neck line level of 3155, the adjusted closing is 3148.25, which is BELOW the neck-line.

Moreover, as Mr.Bhaskar has pointed out, the volumes are NOT supporting (true), and to-day's volume on many key stocks, is not convincing. But, usually , Bear market up-move rallies MAY NOT have volumes.

In the inital post itself , We have pointed out NOT to hurry and wait for FIRM close ABOVE the neck-line.

This is just a pattern study, and NOT a recommendation to BUY.

Inversely Failed attempt to rally is always treated as weakness.

Moreover, We have also drawn the falling trend-line resistances on the chart.

Only on FIRM close above we will consider Long.

Please, play your game, This is just an observation for knowledge sharing.

Happy Trading

With Love & Regards,
Vetrivel

[vetrivel]

Dear Friends,

Neck line did not break-out, hence there was no opportunity for Longs.

Alternately, failed attempt , would have given good returns for those who went short and remained till EOD.

On emergence of any other patterns, we will come back.

The pattern stands canceled.

Sorry for the Bulls.

Happy Trading

With Love & Regards,
Vetrivel

[vinst]

Vetri Saar,

Thanks for good follow-up on the posted pattern.

vin