As seen Price has been contracting in narrow range making lower highs and higher lows in the daily chart. A breakout on the upside with volumes would resume the trend in the upward direction to 315-320 levels. Stop Loss- 247.
Trade active
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Aggressive trader would have entered the trade on 24 Oct around 275.5. Conservative traders can enter now as the breakout got retested.
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A close below 247, exit position.
Comments
UnknownUnicorn646072
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it is not a triangle
aks85
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@rupambose32, your suggestions are always welcome. Please can you give a reasoning also as it will help me and others in learning and understanding patterns in depth . Thanks
@rupambose32, and i also do same type of mistake,thank you
aks85
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@rupambose32, When I uploaded the chart it was about to give a breakout and had to be kept in the watchlist and had updated it when it gave a breakout on 24th oct which was showing earlier but is not showing now which was Point 5 (because of the split there is some problem with the price plotted on chart). Pole is wave 1 which is absolutely correct. As to lows of points 2 and 4 not joining,I could have done that by properly drawing the trendline.
In my opinion it is a perfect triangle as it is contracting in a range forming lower highs and higher lows that too with diminishing volumes which I think are the criteria for a symmetrical triangle. Thanks.