Head and shoulder bottom
Stock is falling since 2018 jan 15, and has started to accumulate after making a low 259.55 from then onwards price tried to breakabove but failed two times. But the latest weekly candle has broken above the trendline as well as 200 period of SMA. The current candle formed has bullishness, i.e. the range of the body of the candle is big with no selling pressure from above, volume is above 20 day average.
Doing all this a complex inverted head and shoulder pattern has formed.
Looking at the onbalance volume there is also a breakout of all time high. RSI is above 60 also the trend is broken.
Entry can be done above 612, the high of breakout candle. According to pattern, the stop loss will be the low of right shoulder and pattern target is 895 with a holding period of 3-6 months.
Doing all this a complex inverted head and shoulder pattern has formed.
Looking at the onbalance volume there is also a breakout of all time high. RSI is above 60 also the trend is broken.
Entry can be done above 612, the high of breakout candle. According to pattern, the stop loss will be the low of right shoulder and pattern target is 895 with a holding period of 3-6 months.
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