This trend from last year's "MAY"(2022) follows a perfect support pattern at the above-mentioned levels. We can also notice the Head and shoulder pattern formed here.
Now, after forming the H&S pattern, it has again retested the support quickly which means that there is a high probability that it is gonna be "bearish". If it falls the below the support line(around $312.60), then our next support would be $303, followed by $286.
If it goes the other way, I mean if it again retests the support(around $312.60) and shoots up, then our first take profit should be around "$338".
This is what it looks like based on my analysis and chart pattern
Please do your own analysis and trade wisely folks - Thanks ;)
Note: You don't need to know all the chart patterns/technical indicators/oscillators to be a good trader/pro. You can be a successful trader with just support and resistance chart patterns/ and a few commonly used indicators. I support my above statement by telling if a stock needs to move in a certain direction, it is only possible when a good bunch of people uses that pattern/indicator. So when we learn the common indicators we can master the trade
Even though you learn some very good indicator analysis and when another good bunch of people don't use it or know, you will still make a bad trade as other people won't follow that pattern, and you go in different directions when the good bunch goes in another direction.
Just thought of sharing this piece of information with you all folks. Agree/disagree ?
Now, after forming the H&S pattern, it has again retested the support quickly which means that there is a high probability that it is gonna be "bearish". If it falls the below the support line(around $312.60), then our next support would be $303, followed by $286.
If it goes the other way, I mean if it again retests the support(around $312.60) and shoots up, then our first take profit should be around "$338".
This is what it looks like based on my analysis and chart pattern
Please do your own analysis and trade wisely folks - Thanks ;)
Note: You don't need to know all the chart patterns/technical indicators/oscillators to be a good trader/pro. You can be a successful trader with just support and resistance chart patterns/ and a few commonly used indicators. I support my above statement by telling if a stock needs to move in a certain direction, it is only possible when a good bunch of people uses that pattern/indicator. So when we learn the common indicators we can master the trade
Even though you learn some very good indicator analysis and when another good bunch of people don't use it or know, you will still make a bad trade as other people won't follow that pattern, and you go in different directions when the good bunch goes in another direction.
Just thought of sharing this piece of information with you all folks. Agree/disagree ?
Comment:
Forgot to add this point, noticed just now. Seems like the ex-date for dividend :31st May, so there may be a positive outlook of the stock until this date. But, as mentioned above either way it can go - Lets wait and watch