In
my previous post on INR written on 14th
January 2015, I wrote, “INR is
forming a large inverse head and shoulder pattern on charts. If this pattern
has to come true than INR will fall/consolidate between 60 -64 levels for next
few months before breaking out above the neckline and proceeding towards 70
levels.”
I was expecting INR to consolidate between the
ranges of 60 – 64 for few months. INR took almost 6 months to consolidate at
these levels and is now ready for a breakout.
If
we look at the given chart INR has completed the right shoulder formation and
its highly likely that INR will move to 70 levels in next few months.
Chart of INR as pasted on 14th Jan 2015
Chart of INR as on 16th June 2015.
Summary:-
1.
Any break out in
INR above 64.50 levels on weekly closing basis will see a rapid up move towards
70
2.
If INR breaks 70
the next target can be as high as 75 – 78.
3.
The probability of
INR falling sharply over next 6 months is very high.
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