RELINFRA TRINGLE.
TRIANGLE FORMATION IS SEEN AND IT HAS TAKEN ABOUT ONE AND HALF MONTHS TO FORM. BREAKOUT HAPPENED 2 DAYS BACK AND THE STOCK HAS CONSOLIDATED THE POSITION, TODAY IT BROKE THE FIRST RESISTANCE BUT CLOSED SLIGHTLY BELOW THAT LEVEL. IF IT BREACHES THE RESISTANCE LEVEL LONG POSITION CAN BE CREATED AND WE CAN TARGET NEXT RESISTANCE LEVEL. STOPLOSS CAN BE EQUAL TO THE REWARD THOUGH IT IS NOT AT THE BOTTOM OF THE BREAKOUT WAVE. THERE IS GOOD VOLUME WHILE BREAKING OUT AND ALSO FURTHER. DURATION CAN BE 2 MONTHS
Hi sir,
It is a perfect example for triangle pattern, but entry point is after the breakout is confirmed and stop loss is bottom of the triangle pattern.
I have set an alert for resistance level breakout , lets see if it breaks.
All the best. I hope it will.
Mr vignesh. Here first I have fixed my target at next resistance level. and I have fixed the risk at the same level as reward expected. hence the stop loss is not at the bottom of the Triangle. This I have already explained in my comments. Please post your views if you do not agree with my comments. thanks.