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Bank Nifty - Sym.Triangle Pattern - Waiting for Breakout

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NSE:BANKNIFTY1!   BANKNIFTY INDEX FUTURES
Hi Friends,

Greetings from Thenali Views!!

Today we have analyzed the BankNiftyFUT- The index has formed in Symmetrical Triangle Pattern ..

Where Lower Highs and Higher Lows are forming.

EMA - 24, 79 and 162 was in Long Bias.

The pattern was in the extensive Buildup stage. Hence, there may be chance of breakout in the symmetrical triangle in the Long Side.

How to time our entry with post breakout of the pattern?

Entry at Pullback:

1. If the Triangle pattern break, it was overextended above the triangle hence the stop-loss and entry will be wider.
So we will wait till Pull back to occur (i.e Bull Flag Pattern etc)

or

Entry at Retest:

2. Sometimes it may retest the price breaks out, if it does lookout for the reversal candlestick pattern (Like Hammer , Bullish Engulfing , etc) to time your entry.

Regards,
Thenali Views

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