This pattern does not perform well in a bull market, and performs best in a bear market.
Some would just call this an ugly top, or a complex head and shoulders pattern, as there are multiple shoulders. The complex variety can have multiple heads and/or multiple shoulders.
This is a tall structure.
PTON has pierced the support of the neckline, but was a brief piercing and price is now floating above the neckline. The pattern is not valid unless neckline is broken and a downtrend is in place. The neckline can be horizontal or it may slope.
Head and shoulder tops are reversal patterns so there needs to be a prior uptrend to reverse.
I would be safe going long right now. These patterns can have pull backs (pull ups), a break back up can be a pull back in a downtrend. Good to be careful if you are long or thinking of going long and you see an ugly top.
No recommendation.
Possible Targets 1 46.4 33.5
Some would just call this an ugly top, or a complex head and shoulders pattern, as there are multiple shoulders. The complex variety can have multiple heads and/or multiple shoulders.
This is a tall structure.
PTON has pierced the support of the neckline, but was a brief piercing and price is now floating above the neckline. The pattern is not valid unless neckline is broken and a downtrend is in place. The neckline can be horizontal or it may slope.
Head and shoulder tops are reversal patterns so there needs to be a prior uptrend to reverse.
I would be safe going long right now. These patterns can have pull backs (pull ups), a break back up can be a pull back in a downtrend. Good to be careful if you are long or thinking of going long and you see an ugly top.
No recommendation.
Possible Targets 1 46.4 33.5
Note
Neckline is 94Note
I should have erased the former long targets but forgot. Sorry (o:: I read some bad news on PTON recently, but this one still has not broken that neckline with a downtrend yet. It is teetering on the neckline, but the neckline is a strong source of support until it is broken. Update: 5/4
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Disclaimer
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.