Head and shoulders is a bearish price pattern. It has a shape of three peaks, two equivalent peaks on two sides (shoulders) and the central one higher (head). The line drawn to join the bottoms of the two shoulders is called a neckline. Entry should be below the neckline. Stoploss should be placed on the top of the right shoulder and target should be placed on the exact equivalent opposite of the stop loss.
EICHER IS ‘HEAD AND SHOULDERS’ ABOVE THE REST, BUT?
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Stock Analysis
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Bullish View
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The Head and Shoulders pattern is trend reversal pattern. So, the prior rally for the h&S pattern should be bearish. The Volume on the right shoulder should be significantly low hen compared to the average volume .