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TransGlobe Energy Corporation Message Board

  • xtechnicals xtechnicals Dec 27, 2010 9:43 PM Flag

    anyone else seeing the Head & shoulders

    on the daily chart?

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    • at first glance,yep, it's pretty well shaped so far on the daily. needs a bit more study as to how the volume pattern falls in with it, that's the part most people miss when looking for H&S.

      "Volume: As the Head and Shoulders pattern unfolds, volume plays an important role in confirmation. Volume can be measured as an indicator (OBV, Chaikin Money Flow) or simply by analyzing volume levels. Ideally, but not always, volume during the advance of the left shoulder should be higher than during the advance of the head. This decrease in volume and the new high of the head, together, serve as a warning sign. The next warning sign comes when volume increases on the decline from the peak of the head. Final confirmation comes when volume further increases during the decline of the right shoulder."

      my service is offline at the moment so i can't look at it, but there ya go if you want to look for yourself.

    • no......patterns formed during a single day are close to useless in technical analyis. A head and shoulders formed on daily closes over a week is something to look at but a "picture" formed over a day is nothing significant....

 
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