Shyam Metalics & Energy Ltd has formed a complex Inverse Head & Shoulder Pattern on the Daily charts and has given a breakout with good volumes.
A "complex inverse head and shoulders" pattern is a variation of the inverse head and shoulders pattern, which indicates a potential bullish reversal after a downtrend. Unlike the standard inverse head and shoulders, complex patterns include multiple left or right shoulders or heads, making them more intricate. These patterns still signal a potential trend reversal, but the added complexity means the trend reversal is taking longer to fully develop.
The target price of this pattern indicates an upside potential of 20%.
The momentum indicators like RSI is at 63 and MACD is above zero line signalling positive momentum.
CMP- 943
TARGET - 1130 (20%)
SL - 888.
Shyam Metalics is primarily engaged in the manufacturing of steel and allied products including pellets, sponge iron, TMT and long products, ferro alloys and generation of power. Recently announced quarterly results were better than expectations.
Disclaimer: This is not a buy/sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
A "complex inverse head and shoulders" pattern is a variation of the inverse head and shoulders pattern, which indicates a potential bullish reversal after a downtrend. Unlike the standard inverse head and shoulders, complex patterns include multiple left or right shoulders or heads, making them more intricate. These patterns still signal a potential trend reversal, but the added complexity means the trend reversal is taking longer to fully develop.
The target price of this pattern indicates an upside potential of 20%.
The momentum indicators like RSI is at 63 and MACD is above zero line signalling positive momentum.
CMP- 943
TARGET - 1130 (20%)
SL - 888.
Shyam Metalics is primarily engaged in the manufacturing of steel and allied products including pellets, sponge iron, TMT and long products, ferro alloys and generation of power. Recently announced quarterly results were better than expectations.
Disclaimer: This is not a buy/sell recommendation. For educational purpose only. Kindly consult your financial advisor before entering a trade.
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إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.