BOSCHLTD - Typical Triangle Breakout

Aug 12, 2020

A classical breakout from BOSCHLTD today - a gain of over 7.5% to inch close to 14.500. The stock has been in a well-defined UP trend for sometime post which it consolidated within a typical Ascending Triangle which are known to be decent continuation patterns. The next immediate level to watch for is in the zone of (14,800-15,000). A high probability resistance zone for the stock lies within this 200 points as I notice a synergy of supply from both fibonacci retracements & erstwhile supports. This recent momentum will definitely take the stock test these resistances wherein it’ll be advisable to short term traders to lighten their positions.