SBIN - Turn it upside done (Ulta Pulta) - TradingView Exciting Feature
Head and Shoulder & Inverse Head & Shoulder (killroy)
Book - Technical Analysis of Stock Trends by Edwards and Magee
The Head and Shoulders Bottom (Reverse Head and Shoulders) is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, anked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the rest two declines, then diminishes through the right shoulder. Finally volume surges as the price closes above the neckline – drawn between the two highs – to conform the BULLISH reversal. The Head and Shoulders Top is the bearish counterpart signaling a major trend reversal downward.
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Short Term Trading Strategy
Risky Traders
Look to buy if 285 is intact downside - holding above 285 we shall look for 310-320 target zone as shown using magical box in the video
Safe Traders
Look to buy only above 295 for 310-320 target zone as mentioned above in risky traders strategy
Traditional Target (Bookish Measurement)
Vertical Distance from Head to Neckline - projecting it from neckline above or below once right shoulder formation is done & you see volume surges or increase as a confirmation tool for respective direction move.
In current case traditional target comes between 335 -340 zone only once it crosses above 325 and holds above that level for 335 -340 target zone
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Long Term Trading Strategy
Plan A- Selling at tops
If stock faces resistance between 310-320 zone be careful as fall could be severe taking it down all the way to 250 -230 & even close to 200 levels.
Plan B- Buying at bottoms
If you get the stock between 200-210 zone & it gets support then look for explosive move back to 300 - 335 -350 & above 350 - "Up -Up & Away" post the expected fall as discussed in Plan A above
Thanks for watching the video. Have a nice trading week ahead.