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Head and Shoulders

Alphabet Poised to Pencil in Inverted Head and Shoulders PatternUpcoming Earnings Alphabet Inc. (ticker: GOOGL) is scheduled to report earnings before the market opens on 29 October. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending September 2024 is US$1.83. The reported EPS for the same quarter a year prior was US$1.55. Inverted Head and Shoulders Pattern Eyed The Ichimoku Cloud (formed between the Leading Span A and the Leading Span B ) has recently echoed a bullish vibe, with the Leading Span A journeying above the Leading Span B. Given this, and with price currently testing the Ichimoku Cloud as a resistance and struggling to drive things lower, a breakout higher may develop. Assuming a breakout north comes to fruition, this may set up a potential inverted head and shoulders pattern. Chart pattern traders would want to observe the formation of the pattern’s right shoulder and a push above its neckline to confirm the configuration, extended from the high of US$168.64. Price Direction? The lack of selling within the Ichimoku Cloud, along with the Leading Span A crossing above the Leading Span B, could eventually prompt a breakout to the upside, taking on the upper Ichimoku Cloud and the inverted head and shoulders pattern’s neckline. A move higher, therefore, might trigger additional buying, in line with the overall uptrend in play since late 2022.
NASDAQ:GOOGLLong
by FPMarkets
Oil's Well That Ends Well: Riding the Wave "OIL"Oil's technical picture is looking increasingly bullish. A recent bounce off a key support level has formed a compelling inverted head-and-shoulders pattern on lower timeframes. This classic reversal signal, combined with a series of higher highs in recent weeks, points to a strong uptrend in progress. According to my Elliott Wave analysis, we are currently in the impulsive phase, heading towards the 5th wave target of $75.00. This confluence of technical indicators suggests that oil is poised for further gains.
MARKETSCOM:OILLong
by Tshepo_mak
SILVER (XAGUSD): Your Trading Plan For TodaySilver is currently in a strong uptrend, with the price recently reaching a new high before retracing to a key support level. To potentially short the pair with confirmation, keep an eye out for a head and shoulders pattern on the 4-hour timeframe. A breakout below the neckline, confirmed by a 4-hour candle closing below 33.40, would indicate strong selling pressure. This could lead to a bearish reversal towards the 32.47 level, based on a rising trend line and horizontal structure. It's important to note that the neckline currently represents a strong demand area, so it's advisable to only consider shorting after a confirmed breakout.
TVC:SILVERShort
by linofx1
TNSRUSD Bullish Momentum is Coming. #SOL1. Trend Overview Downtrend Reversal: The price initially followed a strong bearish trend from around May to mid-July. It seems to have bottomed out around late July and has started to recover, gradually forming higher highs and higher lows, signaling a potential trend reversal from bearish to bullish. Current Bullish Momentum: The latest price action shows strong upward momentum with a significant daily gain of +12.97%. The breakout suggests that buyers are in control, pushing the price above recent resistance. 2. Key Levels Support Level: Around $0.3750 – This level has acted as a key support after the breakout. Before the breakout, this area was repeatedly tested as resistance, and now it's likely to act as support. A retest of this zone would confirm it as a solid base. Resistance Level: The next key resistance level is around $0.7657. This is based on previous price action and the projection drawn on the chart. If the bullish momentum continues, this level could be the next major target. 3. Breakout Confirmation The breakout above the consolidation zone (~$0.3900 - $0.4200) is a strong signal. Breakouts after a consolidation phase typically lead to extended moves in the direction of the breakout, especially when accompanied by strong volume (though I can't see volume in this image). A breakout retest may happen, where the price could come back down to retest the $0.4200 region. If it holds as support, this would further confirm the breakout's strength. 4. Price Projection The chart suggests a potential upward movement targeting around $0.7657, which is quite far from the current price (~$0.4293). This projection is likely based on the previous high or Fibonacci levels. The path to the target could include minor pullbacks and consolidations, but overall, the upward structure seems intact for now. 5. Technical Pattern Possible Inverse Head and Shoulders: While not fully confirmed, the price action resembles a possible inverse head and shoulders pattern, especially in the recovery phase. This is a typical bullish reversal pattern. If the pattern holds, the breakout might result in a much larger move. Conclusion: The chart shows a bullish breakout after a period of consolidation, indicating a possible trend reversal. If this breakout holds, the price could target the $0.7657 resistance level in the coming days or weeks. However, be mindful of short-term pullbacks or retests around the $0.4200 level. Keep an eye on indicators like RSI and volume for further confirmation of bullish momentum.
Long
by YogaID
GBPUSD - Trend Reversal Pattern FormationFrom a technical perspective, it seems like GBPUSD is under the formation of a Head & Shoulder pattern. However, we need to wait and see how the pair is behaving near the neckline while forming the head. I'm expecting the head to be formed near 1.30000 to 1.30500 levels. My view co-relates with EURUSD pair. I think the below will happen in these 2 pairs EURUSD -- Doing a BOS ; GBPUSD -- Reaching the neckline EURUSD -- Retracing in Daily Timeframe ; GBPUSD -- Forming the right shoulder EURUSD -- Moving towards the target ; GBPUSD -- Moving towards the target Good Luck with your trading plans!
Short
by Mojo_0906
1
Bitcoin Analysis ==>> Bearish Pennant Pattern!!!Bitcoin ( BINANCE:BTCUSDT ) moved and filled the CME Gap as ✅I expected from the previous post . Bitcoin was able to move itself below the Important Resistance Line and Resistance zone($70,080- $68,250) . Regarding Elliott wave theory , Bitcoin seems to have completed the main wave 5 as I expected with the Ending Diagonal . Currently, Bitcoin has completed 5 bearish (small) waves and is completing corrective waves . In terms of Classical Technical Analysis , Bitcoin has the ability to form a Bearish Pennant Pattern or Head and Shoulders Pattern . ( I drew the pattern separately for you so that the chart is not busy .)👇 I expect Bitcoin to continue its decline to at least $65,500 , and if the Support zone($66,500- $64,480) is broken, we should expect more Bitcoin declines . ⚠️Note: If Bitcoin can break the Resistance zone($70,080-$68,250) and Resistance lines, we should wait for a new All-Time High(ATH) for Bitcoin.⚠️ Bitcoin Analyze (BTCUSDT), 1-hour time frame⏰. 🔔Be sure to follow the updated ideas.🔔 Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
8
SOL Triggers Pattern with a 200 Mark TargetIs SOL heading to the heavens following the triggering of an inverse head and shoulders pattern this Sunday, or is it just a false move? The inverse head and shoulders pattern will remain valid as long as the price stays above $157.39. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
THINKMARKETS:SOLUSD
by ThinkMarkets