Breakout GAPs occur when the price action is breaking out of their trading range. Such a gap is witnessed in the “SUN TV” price chart.
The characteristics of break out Gap.
1) The breakout gap appears only when the price gives break out from its trading range. In this example, the price breaks out from the trading range as mentioned in the graph.
2) The breakout may not be filled in the near term. In the Sun TV case, the gap is filled after 20 months.
3) The volume during the gap day should be High. This is evident from the chart.