India, March 2 -- The inverted head-and-shoulders pattern signals waning selling and growing buying, hinting at a potential bullish reversal. The pattern consists of three successive troughs, where the central trough (the head) is deeper than the two surrounding troughs (the shoulders). A decisive move above the neckline typically indicates the possibility of a bullish reversal.

On Friday, Oil India Limited surpassed the neckline of an inverted head-and-shoulders pattern on the one-hour chart. A sustained rise above Rs 477 could pave the way for further gains, whereas a drop below this level might weaken near-term bullish sentiment.

In an inverted head-and-shoulders pattern, price targets are set at resistance levels or by projecting th...