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Classic Head and Shoulders to perfection
This is a discussion on Classic Head and Shoulders to perfection within the Technical Analysis forums, part of the Methodologies category; The chart attached shows the classic head and shoulders top from the current Bank of Scotland BSCT. To calculate the ...
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Jun 8, 2001, 4:00pm
| #1 |
| Legendary Member  Join Date: Nov 2000 Location: Fleet,Hants,UK Posts: 5,575
| Re: Classic Head and Shoulders to perfection
The chart attached shows the classic head and shoulders top from the current Bank of Scotland BSCT. To calculate the drop, take the head (862) and draw a perpendicular line to cross the shoulders.Take that crossing value(826) and take it away from the head value(862). This equals 36. The drop will be 36 from 826 = 790. It's no fluke that the price bounces right on 790. This is followed( unusually) by a head and shoulders bottom , leading to a target rise to 824, finally making resistance at 832 before dropping again. It's hard to say where this is going, but my feeling is the chart is at support on a longterm rising trend from the end of Feb 2000 ( ignore the big glitch from March to end of April 2001, all the banks did the same)
__________________ The views expressed here are my personal views and for your information only. Any expression of likely movement of a share is merely guesswork and is to be treated as such.This information must NOT be used as a basis for making any investment decision. |
 
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Jun 9, 2001, 3:06am
| #2 |
| Junior Member Join Date: Mar 2001 Location: UK Posts: 40
| Martin
Thanks for the charts. Did you trade in SCTN last week? |
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Jun 9, 2001, 7:22am
| #3 |
| Legendary Member Join Date: Nov 2000 Location: Fleet,Hants,UK Posts: 5,575
| Re: Classic Head and Shoulders to perfection 
No, I wish I had...I may play the breakout at 560 though, with a target price of 760 and very good R/R.Stop loss at 530 ish.
__________________ The views expressed here are my personal views and for your information only. Any expression of likely movement of a share is merely guesswork and is to be treated as such.This information must NOT be used as a basis for making any investment decision. |
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