When Ascending Support becomes Ascending Resistance
Updated
Testing an Inverted Triangle Pattern,
Now 200 EMA + Green Trend line acting as support.
If the stock breaches the triangle & starts to move in the upper channel/Old resistance then the stock will be bullish & going Long will be preferred.
But if the stock breaches the support line goes below the black trend line we will go short on the stock.
What's required?
Closing below the 200 EMA + Black Trend Line.
Now 200 EMA + Green Trend line acting as support.
If the stock breaches the triangle & starts to move in the upper channel/Old resistance then the stock will be bullish & going Long will be preferred.
But if the stock breaches the support line goes below the black trend line we will go short on the stock.
What's required?
Closing below the 200 EMA + Black Trend Line.
Note
21 EMA - Blue200 EMA - Black
Note
Chart Update - Stock tried to breach the upper channel but closed below. ADX is rising & we have good volumes. We will go long above 1045-1050 levels.
Our SL will be 1010.
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