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Learn Something New Every Day: August 14 2021vinitmodi7, published August 15, 2021
Inverse Head And Shoulders Pattern -
This pattern is identified when the price action of a security meets the following characteristics: the price falls to a trough and then rises; the price falls below the former trough and then rises again; finally, the price falls again but not as far as the second trough. Once the final trough is made, the price heads upward, toward the resistance found near the top of the previous troughs.
An inverse head and shoulders pattern is comprised of three component parts:
1. After long bearish trends, the price falls to a trough and subsequently rises to form a peak.
2. The price falls again to form a second trough substantially below the initial low and rises yet again.
3. The price falls for a third time, but only to the level of the first trough, before rising once more and reversing the trend.
Example - $DKNG Chart (Daily)
Targets: 56, 58-60 & Upward
Long Entry - 51-53 levels.