Symmetrical Continuation Triangle has formed

In IBULHSGFIN a bullish symmetrical continuation triangle pattern has been formed. This pattern typically occurs during an uptrend and indicates a potential continuation of the upward movement. Here's a breakdown of the pattern based on your description:

1. Converging Trendlines: The symmetrical continuation triangle pattern consists of two converging trendlines. These trend-lines are drawn by connecting the lower highs and higher lows of the price action.
   
   
2. Decreasing Volume: As the price swings between the converging trendlines, the volume tends to diminish. This diminishing volume reflects uncertainty in the market direction, indicating a period of consolidation.
   
   
3. Narrowing Range: The price action within the triangle forms a narrowing range, with each swing becoming increasingly smaller. This tightening range further emphasizes the indecision and lack of conviction in the market.
   
   
4. Breakout: Prior to the apex (the point where the trendlines converge), there is a breakout above the upper trendline. This breakout is accompanied by a noticeable increase in volume, which signifies a surge in buying interest and confirms the pattern as a continuation of the prior uptrend.
   
   
5. Based on the breakout and increased volume, traders and investors may interpret this as a bullish signal, suggesting that the prior uptrend is likely to resume. It indicates a potential opportunity to go long or hold onto existing long positions.
   

It's important to note that while these patterns can provide insights into potential price movements, they are not guaranteed predictions. It's always recommended to use additional technical analysis tools and consider other factors before making any trading decisions.

Note for everyone who came across this reference:

• 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:

Target reached on 7th July 2023