Alkem Labs broke the neckline of Inverted Head and Shoulder on the daily chart with good volumes and it is looking good for a decent run.
The inverse head and shoulders pattern is a bullish reversal pattern in technical analysis, indicating a potential shift from a downtrend to an uptrend. It's characterized by three consecutive troughs, with the middle trough (the "head") being the lowest, and the other two troughs (the "shoulders") forming higher lows. The neckline is a trendline connecting the highs of the shoulders and the head.
On the Daily timeframe, the stock is trading above its 11 day EMA and 22 day EMA,and RSI is at 66 suggesting positive bias.
CMP - 5340
TARGET- 6234 (16%)
SL- 5180
Disclaimer: This is not a Buy/Sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
The inverse head and shoulders pattern is a bullish reversal pattern in technical analysis, indicating a potential shift from a downtrend to an uptrend. It's characterized by three consecutive troughs, with the middle trough (the "head") being the lowest, and the other two troughs (the "shoulders") forming higher lows. The neckline is a trendline connecting the highs of the shoulders and the head.
On the Daily timeframe, the stock is trading above its 11 day EMA and 22 day EMA,and RSI is at 66 suggesting positive bias.
CMP - 5340
TARGET- 6234 (16%)
SL- 5180
Disclaimer: This is not a Buy/Sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.