TSX:SGY - Post Discussion
Post by
Carjack on Mar 22, 2024 11:40am
Head and sholders
| Intermediate-Term Bullish |
| Volume | 526,043 |
| Close Price | 7.02 |
| Target Price | 8.00 - 8.20 |
| Pattern Duration | 73 days |
| Inbound Trend Duration | 85 days |
10
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Tells Me: The price seems to have reached the end of a period of "accumulation" at the bottom of a major downtrend; the break up through resistance signals a reversal to a new uptrend.
The Head and Shoulders Bottom is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, flanked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the first two declines, then diminishes through the right shoulder.
Finally volume surges as the price closes above the neckline (drawn between the two highs) to confirm the reversal.
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