Canfin Homes Showing Classic Reversal Pattern (Head & Shoulders)
This is a classic Head & Shoulder Pattern that has formed in Canfin Homes daily chart after a long rally of many years One can see the shoulders and Head defined in the chart along with the neckline. The volume also in confirmation of the pattern as one can see high volumes during the Left Shoulder & Head with gradual decline at Right Shoulder.
The Pattern has just completed with a breakout below the neckline and is likely to continue downwards. One can also see it move below its short term support at 2696 which further adds to downward pressure. However it could retest its old support or the neckline the if the market reverses on Monday 25th Sep but is likely to continue its downward journey from there on. It could also open with a gap down if market remains bearish .
Target : 2200
Stop loss : 2785
The Pattern has just completed with a breakout below the neckline and is likely to continue downwards. One can also see it move below its short term support at 2696 which further adds to downward pressure. However it could retest its old support or the neckline the if the market reverses on Monday 25th Sep but is likely to continue its downward journey from there on. It could also open with a gap down if market remains bearish .
Target : 2200
Stop loss : 2785