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You cant really say its following the h&s when it didnt break...

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nihilism

11,400 Posts.

565

26/09/18

11:52

Post #: 35850647
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Originally posted by radx ↑

APT - Daily Chart

- Head and shoulders pattern currently playing out.
- Price was supported strongly both times that it came down to the $15 support area.
- Currently price has pushed above the H&S neck line indicating the pattern may be failing, although the current candle is a Doji, which indicates there is market indecision.
- A break down below $15 support would indicator a strong bearish move to the downside.

View attachment 1310879

XIJ - Daily Chart (Information Technology Index)

- XIJ is showing a potential Bearish Flag setup.
- If support around 1170 is broken then next support should be around the long standing uptrend line/and or the 100 day MA, which ever comes first.
- A similar set-up is playing out on the XJO - ASX200

View attachment 1310945

Nasdaq Daily Chart (US - Tech Index)
For those that follow the US indices and find a correlation between US and Australian stocks.

- Nothing of any real concern here yet, the Nasdaq still respecting current up trend line.
- Although on the last 2 occasions of a high volume/narrow spread candle sell day, there was a followed small correction.
will it do the same for a third time..?

View attachment 1311071

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You cant really say its following the h&s when it didnt break down after the 2nd shoulder.. also the volume doesnt align for a strong pattern and as I noted previously a truly strong h&s in my believe has a lateral neck line. Not a rising or falling neckline. Just my 2c

APT Price at posting: $16.58 Sentiment: Hold Disclosure: Not Held
6 Upvote

0 Great analysis

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