Pull Back Fishing - Head and ShouldersHow low will she go?
Looks to be extreme selling pressure and has broken bottom bollinger band with MA set at 80. Perhaps the sellers will become exhausted soon.
COST appears to have formed a head and shoulders several weeks ago and has suffered a large decline in the aftermath.
COST has met targets one on the short side which is unusual in a bull market. (see chart for targets 1 and 2). WMT is following the same pattern.
As a rule, head and shoulder patterns do not perform well in a bull market. Inverse head and shoulder perform well in a bull market. The opposite or vice versa, is true in a bear market.
Deeply oversold on RSI.
Watching only and not a recommendation
