GBPINR - Head and Shoulders pattern

GBPINR - Head and Shoulders pattern

Namita Khurana
09 Oct 2019 06:35 PM
Analysing daily chart of GBPINR, we observe the formation of Head and Shoulders# pattern by the price action – the peak of the right shoulder being lower than the peak of the left shoulder – with the neckline at 86.42. Also, the width of the head is 3.15 INR (=89.65-86.50). We notice that the prices trading at the head of the pattern formed resisted the 200-day Simple Moving Average (SMA), which is acting as a strong resistance to the price action. The price action is now trading below the 50-day SMA.

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