JD.com, Inc.Long
$JD Inverse Head and Shoulders
Updated
New trader here, would greatly appreciate any feedback on my rudimentary analysis.
I have been watchingJD and am proposing the potential development of an Inverse Head and Shoulders pattern.
I would now be looking for a pullback from the neckline (top purple box ~$71) to the shoulder line (middle purple box ~$65), before a break of the neckline to enter a long position.
I still haven't really nailed the best way of setting targets but suppose you could use a risk reward SL-TP .
Additionally, based on another community post, I have been exposed to a bullish signal within the RSI indicator forming inline with the pattern.
Thanks in advance.
*Not financial advice*
I have been watching
JD and am proposing the potential development of an Inverse Head and Shoulders pattern.I would now be looking for a pullback from the neckline (top purple box ~$71) to the shoulder line (middle purple box ~$65), before a break of the neckline to enter a long position.
I still haven't really nailed the best way of setting targets but suppose you could use a risk reward SL-TP .
Additionally, based on another community post, I have been exposed to a bullish signal within the RSI indicator forming inline with the pattern.
Thanks in advance.
*Not financial advice*
Note
Bullish divergence on RSI referenced by Champion-Vibe in idea from 10th Jan (can't link due to low reputation).
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