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Replies to YouTube Questions
September 9, 2009. Price Trend Reversal Patterns
I have noticed a head and shoulders pattern formed within the last 2 weeks at the citybank shares check it out! :D Tell me if its valid plz.
REPLY:
This is the daily chart of CBTK up to September 9, 2009:
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I do not see this as a head-and-shoulder. I would like to see a H&S at a bottom or top for a reversal. I would rather see the last bottom as a double bottom pattern that was confirmed when it broke the last brown downtrend line. That was also the right buying moment. There was good support from a previous resistance and from a small window in march. That would have allowed an acceptable initial stop setting. Now I would wait for the turning point with the idea that price should stay above the 50-day moving average (blue) and eventually even above the last window support. So with a closing price staying above $2.45 and price turning up I would buy. Do not forget to keep an initial stop and make sure you have a good risk-to-reward ratio. Also, never open a position based on just one technical indication!
Have a nice day.
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