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CHOLAFINANCE : Pattern Failure

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CHOLAMANDALAM INV (NSE:CHOLAFIN)  
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NSE:CHOLAFIN   CHOLAMANDALAM INV
Trend Analysis Chart Patterns Head and Shoulders pattern patternfailures patternfailure Technical Analysis stockstobuy stockstowatch stockmarketanalysis stocktrading
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trendanalysis chartpattern headandshoulders pattern patternfailures patternfailure technicalanalysis stockstobuy stockstowatch stockmarketanalysis stocktrading
Pattern failures are more profitable than regular trading patterns. One of the phenomenon can be seen on CHOLAFINANCE chart. A Head and shoulder pattern formation followed by a breakout of the neckline. But the prices immediately came back above the neckline & holding it successfully. This can be taken as pattern failure for H&S formation. One should go long with SL of 543 and look for the target of 620 and 650-60 zone.
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Manish Bhardwaj (CMT L-1)
Analyst & Co-Founder
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