Hi mates sharing weekly chart of Microsoft corporation, as we can see on this provided chart that price gives an ascending triangle pattern breakout and now sustaining very well above on resistance, so now we can consider that it is an Ascending triangle breakout and can go long in it, Potential target 10% from current price (380 levels) measured from the height of parallel channel in which price did consolidation before breakout. One rising trendline can also intrupt the upward momentum of price at the same identified measured targeted levels so taken target seems very logical to me as per present setup friends.
Breakout Retest Levels is 346
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit
“There is a time to go long, a time to go short and a time to go fishing.” – Jesse Livermore
Breakout Retest Levels is 346
This publication is meant for only learning purpose, it is not any kind of trading advice.
Best Regards- Amit
“There is a time to go long, a time to go short and a time to go fishing.” – Jesse Livermore
Comment:
Hi friends, as you can read the title of publication that it is based on momemtum and price trading almost on all time highs so now i found another breakout a upper band of bollinger band indication that is also known for momentum based trading, price trading near a light resistance area just marked on chart soon we can see breakout of that weak wick too friends
Comment:
Hello mates as we know that this idea is only based on momentum as i wrote in decricption and updated above too, So now technical view is that price gives highest weekly close ever now on chart and as we all know that closing how much that are important for price and in technical analysis too because many people will consider it is a all time high breakout on weekly chart and really it is now it will give more power to price from here and we can see measured target very soon
Comment:
Trailing stop loss update-:
Price reached 371+ from 356 gained more then 4% in long position as per mentioned target in idea description, so now from here i will set my stop loss on entry price and will wait for the final target friends, So now i will update this idea only after the final target
After breakout of light resistance (wick) now price taking support from that resistance
Price reached 371+ from 356 gained more then 4% in long position as per mentioned target in idea description, so now from here i will set my stop loss on entry price and will wait for the final target friends, So now i will update this idea only after the final target
After breakout of light resistance (wick) now price taking support from that resistance
Comment:
As i shared in update above that i will update this idea only after final target i find an intresting thing want to share with all of you friends and that is that price reached 378 from 356 near to rising trendline resistance that i described in idea description too and now taking resistance from there. This can also be a correlation because market is down today so i will wait for the target to come and as i said in update above from here i will keep the stop loss at my cost prive friends
Trade closed: target reached:
Target 380 levels mentioned in idea description complete today friends, and almost completed measured target of 381 too, i am looking some more upside scope from here but closing this idea completey will publish my new trading idea on Microsoft mates, Thanks for reading and your valuable support to my publication
