Technical Analysis of CTM: Inverted Head and Shoulders Pattern
Pattern Overview:
Pattern Type: Inverted Head and Shoulders
Neckline: 3.80
Head Low: 1.10
Current Price: 4.40
Analysis:
CTM is forming a classic inverted head and shoulders pattern, a bullish reversal pattern that suggests a potential upward trend. The neckline, which is a key level of resistance, has been broken, indicating the pattern’s completion and a likely move upward.
Target Price:
Calculation: The target for an inverted head and shoulders pattern is calculated by adding the distance from the head to the neckline to the breakout point. Here, the distance from the head low (1.10) to the neckline (3.80) is 2.70. Adding this to the neckline gives a target price of approximately 6.50.
Trade Recommendation:
Long Position: Considering the breakout above the neckline and the bullish implications of the pattern, taking a long position is advised.
Entry Price: Enter around the current price of 4.40.
Stop Loss:
Level: Set a stop loss just below the neckline at 3.50 to protect against adverse price movements and ensure risk management.
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Pattern Overview:
Pattern Type: Inverted Head and Shoulders
Neckline: 3.80
Head Low: 1.10
Current Price: 4.40
Analysis:
CTM is forming a classic inverted head and shoulders pattern, a bullish reversal pattern that suggests a potential upward trend. The neckline, which is a key level of resistance, has been broken, indicating the pattern’s completion and a likely move upward.
Target Price:
Calculation: The target for an inverted head and shoulders pattern is calculated by adding the distance from the head to the neckline to the breakout point. Here, the distance from the head low (1.10) to the neckline (3.80) is 2.70. Adding this to the neckline gives a target price of approximately 6.50.
Trade Recommendation:
Long Position: Considering the breakout above the neckline and the bullish implications of the pattern, taking a long position is advised.
Entry Price: Enter around the current price of 4.40.
Stop Loss:
Level: Set a stop loss just below the neckline at 3.50 to protect against adverse price movements and ensure risk management.
If you like my idea do like (boost) this idea and share with your friends.
Thank you!
Dagangan aktif
🚀🚀Nota
6.50 target incoming. . .Dagangan ditutup: sasaran tercapai
OMG 7.65 🚀🚀
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.