BSL LTDLong
BSL - VCP pattern Breakout on Weekly Chart
BSL Ltd has given a breakout of Volatility Contraction Pattern (VCP), a bullish setup.
Key points in this VCP:
3T VCP Formation:
1st Contraction: 38.7%
2nd Contraction: 31%
3rd Contraction: 15.86%
These diminishing contractions indicate reduced volatility and a tightening range, suggesting that selling pressure is decreasing.
Breakout:
The price has broken above the consolidation area and resistance line, signaling a potential entry point for a bullish move. This breakout, coupled with high volume, adds strength to the bullish signal.
Volume and Moving Averages: Noticeable volume increases during breakouts from each contraction, supporting the strength of the move. The price is above key moving averages, confirming the uptrend.
Overall, this VCP and breakout pattern suggests a strong bullish setup with potential for upward momentum.
Key points in this VCP:
3T VCP Formation:
1st Contraction: 38.7%
2nd Contraction: 31%
3rd Contraction: 15.86%
These diminishing contractions indicate reduced volatility and a tightening range, suggesting that selling pressure is decreasing.
Breakout:
The price has broken above the consolidation area and resistance line, signaling a potential entry point for a bullish move. This breakout, coupled with high volume, adds strength to the bullish signal.
Volume and Moving Averages: Noticeable volume increases during breakouts from each contraction, supporting the strength of the move. The price is above key moving averages, confirming the uptrend.
Overall, this VCP and breakout pattern suggests a strong bullish setup with potential for upward momentum.
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