Dear Putuval,
I am observing a Head and shoulders pattern in RIL's daily chart !!
I am posting the image with demarcations and target price !! awaiting for your valuable comments !!
Let me explain what i have done !!
1) 3 red arrows converging on top are pointing towards head and the shoulders !!
2) A blue colored trendline is drawn from top of the head and passing alon the left shoulder !!
3) Fibo levels are applied !!
4) A blue coloured horizontal neckline has been drawn at 762 price !!
5) A black colored arrow is made starting from top of the head(i.e. 955) to neck line (762) !!
Now according to the head and shoulder theory , if the price breaks the neckline then it has to come to the price of 570 (Neckline-(head-neckline)=762-(955-762)=569=target price) !!
And the zig-zag descending blue lines that are made considering the resistances , supports, intersections of the trendline, fibo levels and the ichimoku cloud !!
Your comments plz !!
-Vivek
I am observing a Head and shoulders pattern in RIL's daily chart !!
I am posting the image with demarcations and target price !! awaiting for your valuable comments !!
Let me explain what i have done !!
1) 3 red arrows converging on top are pointing towards head and the shoulders !!
2) A blue colored trendline is drawn from top of the head and passing alon the left shoulder !!
3) Fibo levels are applied !!
4) A blue coloured horizontal neckline has been drawn at 762 price !!
5) A black colored arrow is made starting from top of the head(i.e. 955) to neck line (762) !!
Now according to the head and shoulder theory , if the price breaks the neckline then it has to come to the price of 570 (Neckline-(head-neckline)=762-(955-762)=569=target price) !!
And the zig-zag descending blue lines that are made considering the resistances , supports, intersections of the trendline, fibo levels and the ichimoku cloud !!
Your comments plz !!
-Vivek