Head and Shoulders Top
Long-Term Bearish
Volume 345,900
Close Price 6.200
Target Price 5.300 - 5.450
Pattern Duration 145 days
Inbound Trend Duration 183 days
The price seems to have reached the end of a period of "distribution" at the top of a major uptrend; the break down through support signals a reversal to a new downtrend. The Head and Shoulders Top is created by three successive rallies in the price following a significant uptrend. The highest high (head) is in the middle, flanked by two lower highs (shoulders) at roughly the same level. Volume is highest as the price makes the first two rallies, then diminishes through the right shoulder. Finally volume surges as the price closes below the neckline (drawn between the two lows) to confirm the reversal.
Notes: Stock Technical Analysis is based on past pattern and probability, not a call for you to trade. Do Your Own Due Diligent (DYODD).
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