Head & Shoulder IDBI 19th March 2018
Head and Shoulder was spotted in IDBI 19the March 2018 (duration 3 months). A Short position can be made at Rs. 73.6 (It has crossed the resistance level) with a Stoploss of Rs. 84.4 ( Head Support Level) and target of 62.2
Company Name: IDBI
Direction: H&S, bearish
Entry Price: 73.6
Stop Loss: 84.4
Target Price: 62.2
Duration: 93 days
Hi,
The formation of Head and Shoulder has been a continuous decrease in the volume. That means volume will be higher in the left shoulder and eventually it decreases with the formation of head and right shoulder. The main process of the head and shoulder pattern is accumulation and distribution. The duration to form the each pattern should be minimum one month.
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