Hi anil bhai,
I have a query regarding HnS pattern.
Is the below chart of hindalco indicate a failed HnS pattern?
hi,
No i think head and shoulder is still in progress, and it didnt test the trendline or rather the breakout from a neckline is a not a valid one, I posted two charts, in first one you will see a series of complex H&S in progress..and it still didnt a close below to have a valid breakout...now to introspect further i switched to line charts( i m impressed with martin pring) and you see the last fall even didnt closed below trendline..i m using weekly charts here..i think you had given a monthly one....
Another area of simple price action analysis on your monthly charts if you see closely the second last bar, its a pin bar at support level its a bullish formation and required follow up action...
Whatever i commented on the basis of three classical all time book i always fall back on, i prefer to mentioned here to have validity of thought process...
1) Technical analysis of stock trends
2) Martin pring on price patterns
3) Technical analysis & stock market profits - Richard schabacker
many didnt know richard is the oldest of all and hid book is a great read..a good one i would reccomend on top of list...its a little heard one too...