Dissection of Head N Shoulder Monthly Chart
On Friday we had a break and close above a downtrend that went on since the beginnings of April this year. Now this doesn't mean that price must now shoot off to the moon, this would be a much greater certainty once price manages to, if it ever does, do the same thing across the down trendline extending from late 2015. If anything, the level that should hold and not be revisited in years to come is the low of the Right Shoulder, subsequently if price does cross above the yellow dotted line, I would hope for price to then the last low at 30.8, for a cruise to at least the last high @33.20. Happy Trading.
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