This is just for St James's Place, but you'll find inverse head and shoulder patterns in a lot of stocks on the FTSE 100. For me, that means a reversal on the pullback, and this week for example, STJ is confirming the reversal with a break about the neckline and 200 EMA acting as support.
St. James’s Place PLC (STJ - LSE) is in WXY pattern. It completed X wave as complex correction in wxy wave cycle and already started Y wave down. Y wave started with A wave down as impulse and B wave as its corrective cycle. B wave will be about to end anytime now. Y wave can be divided in simple ABC or complex wxy.
Looking at a buy on STJ if price breaks Fridays high.
Price has rejected from the 200ma and all my indicators are shown oversold. Price also formed a nice engulfing bar from the 200ma on decent volume.
Financials also looking strong.
Buy above Fridays high
Stop at 10.75
TP 12.40
