Thursday, April 3, 2014

Pattern of the month - March 14

Click here to see the enlarged chart

A bullish Head & Shoulder pattern is confirmed in NTPC this month . The pattern started to form a left shoulder from 19 March with neckline of 116 and later formed a head and then right shoulder.

NTPC broke its neckline on 26 March and resumes its upward rally towards its target of 119. The target of 119 is easily achieved within next few trading days but stock keep its upward momentum and touched the level of 124.

The stock moved ideally and did not gave any drawdown or correction, hence easy to trade.

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