Amber has entered into the growth phase after a long period of decline and consolidation. It has just crossed its resistance line, and looks ready for a breakout to levels of 3300 and 3700 respectively. The volumes and technicals are supporting the movement upside.
The earlier resistance at 3000 is now acting as support.
Symmetrical pattern can go either ways. hence it will be prudent to put a stop loss at 2900 if you purchase at current levels. Alternatively wait for 3100, which should confirm the trend and then purchase and keep a stop loss near 3000 levels.
Supporting Technicals: RSI: 60.7 (Bullish but not overbought) ADX: 28.5 (Indicating strong trend) MACD is above its center and signal Line, this is a bullish indicator.
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
This doesn’t look like symmetrical triangle it is ascending triangle have a look resis is 3050 from which it is getting rejected many times
Yes2Profits
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@bfsxblaze, in ascending triangle the top line is almost parallel to x axis, which wasn't the case that time when I shared this idea :)
You are right, now if we look at a much shorter time frame, it will make an ascending triangle, with 3050 acting as top line resistance.