Trading_Arts

$SPTN weekly chart Inverse H&S breakout

Long
NASDAQ:SPTN   SpartanNash Company
Very nice inverse H&S shaping up on the weekly chart, trying to breakout after couple attempts in the past month
MACD and RSI both very supportive ( MACD histogram in positive territory / RSI above 40 )
Check out the accumulation volume in the past 2 months or so (after the capitulation selloff down to around 9.00ish , buyers stepped in and more than absorbed the selling volume )
Headline around 8.80-9.00 / shoulder line around 17.00 / neckline around 12.25
Next 2 trading sessions are crucial, ideally look for a weekly close above 12.25 (neckline) to participate
Calculated target based on the head to neck distance is around 15.68
Comment: obvious typo for the neckline value should be 10.70 not 17.00
Comment: damn not my day today i mean SHOULDER line hahhahaha
Trade closed: target reached: Target reached
Congrats longs
TA

Comments

Nice find, clean inverse H&S, I bought the pullback @12.17 let’s see how it unfolds. Thanks!
Reply
@Vonzey, nicely done , I added some 12.5C for NOV
Reply
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