NSE:IPCALAP : Complex Head & Shoulder is seen on weekly chart

Weekly Chart

Probabilities: 

• IPCALABP chart has a complex head-and-shoulders top chart pattern. 
• It has two left shoulders (LS), two Heads (H) and two right shoulders (RS) 
• There is a two horizontal  neckline to the pattern, since it is a complex head-and-shoulders top chart pattern. 
• Breakdown from the lower neckline could take the stock to the lower levels

History:

• Stock had seen a remarkable rally that continued for about 3.5 years from the level of  224 to 910.
• The bottom in the stock was made via inverted head & shoulder pattern.
• Breakout (marked by point X )from the said H& S pattern took the stock to the higher levels.
• Stock had rallied about 289 %  in about 3.5 years.

The said H & S topping pattern will be valid only after breakdown from the H & S neckline.