Ansys seems to be forming a head and shoulders top. Left shoulder - 31st March 2023 Head - 18-19th July 2023 Right Shoulder - 6th Sept 2023
Volume details for the key areas (in '000) i) Left shoulder 15th Feb to 31st March 2023 622.89 7 days leading upto 31st March 2023 550.04
ii) Head 4th May to 19th July 2023 457.50 7 days leading upto 19th July 2023 360.19
iii) Right Shoulder 18th Aug to 6th Sept 2023 394.25 7 days leading upto 6th Sept 2023 397.51
Volume is in line with a tradition H&S top forming pattern. A breach of the 288.5 level with considerable volume would be a significant move, as it is the top end of the 'Gap up' that was formed on 23rd Feb 2023 (Range was 270 to 288.5). Once 288.5 is breached with a considerable volume, there would be a bearish pressure to fill the gap and that would confimr the H&S top.
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