sandeshprabhu85

D-Link - Textbook Symmetrical Triangle pattern

Long
sandeshprabhu85 Updated   
NSE:DLINKINDIA   D-LINK (INDIA)LTD
DLINKINDIA

D-Link has formed a textbook Symmetrical pattern that has worked out so far

Although it is a bullish pattern one should wait for breakout confirmation to enter.
Those who want to minimize the risk should wait for retest and may enter after confirmation.
The breakout must also be validated by the volumes or else it'd be just another Fakeout.

According to Fibonacci Extensions after breakout 168.70 is immediate resistance might consolidate there for a while
On the downside 144.15 / 136.60 / 129 / 119.65 are support levels


Company also has decent fundamentals

It's long call so one can keep stop loss according to their risk appetite.




Comment:
Gave breakdown, now wait for the next support and enter at the right time
Trade active:
The trade is active again, It has reached it's breakout level
If planning to enter then enter above 153 as a safe bet with targets of 208 intact
Closing above 153 would be a good confirmation of a breakout.
Those who wanna play safe wait and enter after breakout confirmation and put a trailing stop loss accordingly.