Head and Shoulders Bottom
The price seems to have reached the end of a period of "accumulation" at the bottom of a major downtrend; the break up through resistance signals a reversal to a new uptrend. The Head and Shoulders Bottom is created by three successive declines in the price following a significant downtrend. The lowest low (head) is in the middle, flanked by two higher lows (shoulders) at roughly the same level. Volume is highest as the price makes the first two declines, then diminishes through the right shoulder. Finally volume surges as the price closes above the neckline (drawn between the two highs) to confirm the reversal.
Event Date: Feb 16, 2016
Opportunity Type: Intermediate-Term Bullish
Close Price: 2,280.00
Target Price Range: 2,522.00 - 2,587.00
Price Period: Daily
Volume: 240,255
Pattern Duration: 74 days
Inbound Trend Duration: 89 days
Analysis and Chart Source
Firstmetrosec Recognia technical event scan tool
http://fmsec.com.ph/
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