Share
208 Posts.
lightbulb Created with Sketch. 78
clock Created with Sketch.
30/05/21
10:27
Share
Originally posted by uncle joe:
↑
Is that a head a shoulders bottom there Izlush? A neckline at $25? If so, then the immediate price target would be $32. I guess a breakout of the neckline at $25 with large volume next week would confirm this. Identification guidelines are below. Shape: A three-trough formation with the centre trough below the other two. It looks like a head-and-shoulders bust flipped upside down. The three troughs and two minor rises should appear well defined. Symmetry: The left and right shoulders should be opposite one another about the head, somewhat equidistant in both time and price. There are wide variations, but the formation is noticeably symmetrical about the head. Volume: Usually highest on the left shoulder or head and diminished on the right shoulder. Neckline: A line that connects the rise between the two shoulders. A neckline pierce signals an upward breakout. For up-sloping necklines, use the highest high in the pattern as the breakout price. Upward breakout: The breakout is upward, usually on high volume that powers prices upward. A low volume breakout is not an indicator of an impending failure.
Expand
Spot on uncle joe! Also, if you look at izlush latest chart, go back to the start of his ascending chanel where you can spot from Feb to May 2020 a typical Head and Shoulder formation with break of the neckline. A most perfect example of charting pattern.