Perfect inverted H&S Spotted!

Technical patterns are generally very rare to be spotted perfectly just as a theory definition but i just came across a “Inverted Head and Shoulder” pattern on Aban OffShore’s  weekly and it is just so near to perfect. As you all could make out in the attached graph, stock has given a confirmation close above the neckline, 183, yesterday. If we calculate target from the neckline equal to the distance of Head than it comes out to be approx 256 while stop loss could be kept at right shoulder around 170! Whats the most convincing characteristics in this pattern is Volume confirmation as marked at the bottom of the graph. Though Risk Reward is not much favorable from here but would recommend to go long and wait for my next target once we achieve 256. keep visiting blog for the next update!! Cheers!!!

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