PI Industries - A textbook H&S. Why? Because in an H&S pattern, the volume peaks at left shoulder. The volume diminishes at the head which is the first warning signal. Thereafter, the stock is unable to form a fresh high at RS at even lower volumes leading to a breakdown.
More from The_Chartist 📈
These high-volume selloff candles right before any -ve news always intrigue me. the same thing happened with Infosys before the whistleblower complaint was out & the stock gapped down. TV 18 & VTL were other examples.
Fresh case - RUPA https://t.co/nqq5nI1wLU
Fresh case - RUPA https://t.co/nqq5nI1wLU
Respect your stop losses in the stocks that have gone down today with heavy volumes even on a strong day.
— The_Chartist \U0001f4c8 (@charts_zone) March 17, 2022
VTL pic.twitter.com/3pJ9XngCDL
Reminded me of my Borosil renewables chart of last year in July.
AWL - look at the ranges of contraction on the chart https://t.co/2XMhqZQu8X
AWL - look at the ranges of contraction on the chart https://t.co/2XMhqZQu8X
Borosil Renewables - Patterns like these must be looked at carefully and must be kept on the radar. Herein price is contracting which generally signifies shifting of hands (from weak to strong). If you go wrong, the risk is limited in these. pic.twitter.com/iqyoeslZjy
— The_Chartist \U0001f4c8 (@charts_zone) July 12, 2021
More from Piindustries
#piind
3147 to 3270
minor resustnce breakout now https://t.co/mcLJB7yEhO
3147 to 3270
minor resustnce breakout now https://t.co/mcLJB7yEhO
#piind
— ProdigalTrader (@ProdigalTrader) August 24, 2021
price at the bottom of a bullish channel with RSI showing clue son potetntial reversal here. Volume is dried up in pullback showing lack of supply#StockMarket #StocksInFocus #stocktrading #stockselection #stocktowatch pic.twitter.com/jpDOpnCzFu