$JSENTC completing a reverse Head & shoulders formation
Considering Netcare's price action holds up today and closes above the neckline level at 18.65, we are witnessing the completion of an inverse or reverse Head & Shoulders formation. Results released yesterday have been received well by the market, which should ease investors concerns for the time being.
These patterns are reversal patterns that form at the end of an extended downtrend and confirm once prices breaks above the neckline. What i really like about this setup is the expansion of volume that we have seen from the advancement of the right shoulder and during the break above the neckline. This is crucial to confirm the validity of the formation. Should all go to plan, this pattern has a target of R22.34
Entry : buy the break above neckline @ 18.65
Stop loss: Close below right shoulder @ 16.71
Target: R22.34
These patterns are reversal patterns that form at the end of an extended downtrend and confirm once prices breaks above the neckline. What i really like about this setup is the expansion of volume that we have seen from the advancement of the right shoulder and during the break above the neckline. This is crucial to confirm the validity of the formation. Should all go to plan, this pattern has a target of R22.34
Entry : buy the break above neckline @ 18.65
Stop loss: Close below right shoulder @ 16.71
Target: R22.34
"If you do what you love, you'll never work a day in your life" - Marc Anthony
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.