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Godrej Industries H&S breakout

  • Madan Gopal
  • Nov 27, 2017
  • 1 min read

Godrej Industries has formed an Inverse Head and Shoulders pattern on the 2hr chart, which is a reversal of a downtrend. Price falls to a trough which is the left shoulder (S on left side of the chart above) and then rallies and then falls back down again to form a head (H in the middle of chart), then rallies again in order to form the right shoulder (S on the right-hand side of chart).

Today we see the breakout of the H&S pattern on the chart with high volumes. I would be looking for the decent move up for the target of 600-610 with the SL of 556.

 
 
 

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