Inside Bar and Symmetrical Triangle
The stock is continuously in uptrend and consolidating within Inside Bar from past six months. In weekly time frame, symmetrical triangle breakout observed in chart and if high wick of inside bar surpass by the stock, it will be a great opportunity to execute trade.
Point to understand:
1. Inside Bar : candlestick patterns form within the bounds of prior highs and lows [in chart refer high wick (Rs.1617.55) and low wick (Rs 1400.25)], generally use for intraday/short term trade but in HDFC bank stock price is range bound within inside candle for more than 180 days means support & resistance are high and low of one weekly candle,quite significant candle for price action.
2.Symmetrical Triangle : simple pattern and most effective pattern depicts continuation of trend, forms a triangle-like shape also known as pendant with multiple and resistance. In chart stock as given pattern breakout (highlighted in circle).
Advice: Triangle pattern breakout (+) inside bar breakout = LONG TRADE
Note: Consult your financial advisor before trading or investing.
Point to understand:
1. Inside Bar : candlestick patterns form within the bounds of prior highs and lows [in chart refer high wick (Rs.1617.55) and low wick (Rs 1400.25)], generally use for intraday/short term trade but in HDFC bank stock price is range bound within inside candle for more than 180 days means support & resistance are high and low of one weekly candle,quite significant candle for price action.
2.Symmetrical Triangle : simple pattern and most effective pattern depicts continuation of trend, forms a triangle-like shape also known as pendant with multiple and resistance. In chart stock as given pattern breakout (highlighted in circle).
Advice: Triangle pattern breakout (+) inside bar breakout = LONG TRADE
Note: Consult your financial advisor before trading or investing.
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