in Chart

Head and Shoulders.(Trading Chart Patterns).

typesofshoulders2 WIPRO_Daily_12-12-2014

Wipro Limited

The left shoulder is made up of a high followed by a low. In this pattern, the neckline is a level of support or resistance. Remember that an upward trend is a period of successive rising highs and rising lows. The head and shoulders chart pattern, therefore, illustrates a weakening in a trend by showing the deterioration in the successive movements of the highs and lows.