Ansys seems to be forming a head and shoulders top.
Left shoulder - 31st March 2023
Head - 18-19th July 2023
Right Shoulder - 6th Sept 2023
Volume details for the key areas (in '000)
i) Left shoulder
15th Feb to 31st March 2023 622.89
7 days leading upto 31st March 2023 550.04
ii) Head
4th May to 19th July 2023 457.50
7 days leading upto 19th July 2023 360.19
iii) Right Shoulder
18th Aug to 6th Sept 2023 394.25
7 days leading upto 6th Sept 2023 397.51
Volume is in line with a tradition H&S top forming pattern.
A breach of the 288.5 level with considerable volume would be a significant move, as it is the top end of the 'Gap up' that was formed on 23rd Feb 2023 (Range was 270 to 288.5). Once 288.5 is breached with a considerable volume, there would be a bearish pressure to fill the gap and that would confimr the H&S top.
Left shoulder - 31st March 2023
Head - 18-19th July 2023
Right Shoulder - 6th Sept 2023
Volume details for the key areas (in '000)
i) Left shoulder
15th Feb to 31st March 2023 622.89
7 days leading upto 31st March 2023 550.04
ii) Head
4th May to 19th July 2023 457.50
7 days leading upto 19th July 2023 360.19
iii) Right Shoulder
18th Aug to 6th Sept 2023 394.25
7 days leading upto 6th Sept 2023 397.51
Volume is in line with a tradition H&S top forming pattern.
A breach of the 288.5 level with considerable volume would be a significant move, as it is the top end of the 'Gap up' that was formed on 23rd Feb 2023 (Range was 270 to 288.5). Once 288.5 is breached with a considerable volume, there would be a bearish pressure to fill the gap and that would confimr the H&S top.