MSFT - 7 months Sloping Down HEAD & SHOULDERS TOP
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Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
We can see an amazing trendline (A) which supported the last six years strong Microsoft uptrend. March 2020 rebound pushed prices far from that main trendline and a second trendline were formed (B).
The Head & Shoulders has taken place at the all-time high, has breached the trendline B and the 200 days EMA. The Head was a two months compact Triple Top.
When prices go far from the main trendline (A), sooner or later, they tend to revert to it and, in this case, the target is exactly around the trendline A which is something we like to see.
Sloping down right shoulder delays the breakout but also usually means weakness.
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
════════════════════════════════
Since 2014, my markets approach is to spot trading
opportunities based solely on the development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
═════════════════════════════════
Hello Traders ✌
We can see an amazing trendline (A) which supported the last six years strong Microsoft uptrend. March 2020 rebound pushed prices far from that main trendline and a second trendline were formed (B).
The Head & Shoulders has taken place at the all-time high, has breached the trendline B and the 200 days EMA. The Head was a two months compact Triple Top.
When prices go far from the main trendline (A), sooner or later, they tend to revert to it and, in this case, the target is exactly around the trendline A which is something we like to see.
Sloping down right shoulder delays the breakout but also usually means weakness.
- Pattern Class: 🌕🌕🌕🌕🌑
- Target area: 229.00
- Breakout area below: 270.00
🔎🔎🔎 ALWAYS REMEBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
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