GodrejAgro - Symmetrical Continuation Triangle (Bullish)
Updated
A Symmetrical Continuation Triangle, also known as a Bullish Symmetrical Triangle, is a technical chart pattern observed in daily chart of Godrej Agrovet Ltd.
This pattern is considered a continuation pattern, indicating that the price is likely to continue in the same direction as the trend that was in place before the formation of the triangle.
In the case of a Bullish Symmetrical Triangle, the prior trend is typically upward (bullish).
Breakout: The breakout from the triangle is the key signal. A Bullish Symmetrical Triangle has a bullish bias, meaning that the price is more likely to break out to the upside, continuing the prior uptrend.
Price Target: You can measure the height of the triangle at its widest point (the base) and then add that measurement to the breakout point. This gives you a potential target for the price move.
Stop Loss: Traders often set stop-loss orders just below the lower trendline to manage risk in case the pattern fails and the price breaks down instead of up.
Confirmation: Confirmation of the pattern's validity comes after the breakout. The breakout should ideally be accompanied by a surge in trading volume, providing more confidence in the bullish move.
PLEASE NOTE THAT:
This pattern is considered a continuation pattern, indicating that the price is likely to continue in the same direction as the trend that was in place before the formation of the triangle.
In the case of a Bullish Symmetrical Triangle, the prior trend is typically upward (bullish).
Breakout: The breakout from the triangle is the key signal. A Bullish Symmetrical Triangle has a bullish bias, meaning that the price is more likely to break out to the upside, continuing the prior uptrend.
Price Target: You can measure the height of the triangle at its widest point (the base) and then add that measurement to the breakout point. This gives you a potential target for the price move.
Stop Loss: Traders often set stop-loss orders just below the lower trendline to manage risk in case the pattern fails and the price breaks down instead of up.
Confirmation: Confirmation of the pattern's validity comes after the breakout. The breakout should ideally be accompanied by a surge in trading volume, providing more confidence in the bullish move.
PLEASE NOTE THAT:
- This chart analysis is only for reference purpose.
- This is not buying or selling recommendations.
- I am not SEBI registered.
- Please consult your financial advisor before taking any trade.
Trade closed: target reached
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