Ascending Trianlge Pattern Breakout - ICICI Lombard
Updated
Price is currently forming an Ascending Triangle pattern and is closer to breakout.
If strong breakout occurs, then price will rally towards the target.
The ascending pattern is observed in MLY and WLY time frames. As per the definition, if the pattern holds good then the target is around the range of 1850 - 1880 which is 30% higher than current price.
Note: There may be short term price reversals but in the medium term this target should be achieved.
If strong breakout occurs, then price will rally towards the target.
The ascending pattern is observed in MLY and WLY time frames. As per the definition, if the pattern holds good then the target is around the range of 1850 - 1880 which is 30% higher than current price.
Note: There may be short term price reversals but in the medium term this target should be achieved.
Trade active
Price has closed just below the WLY S-R level but more importantly above the trendline. Price may continue to move sideways but a break above the WLY S-R level should push it higher.Trade active
Price closed below the trend line due to the wild market crash. Watch out for reversal and if reversal does not occur then trade will be closed. Wait for this week to play out to get a better picture.Trade active
Price has closed at trend line. If it moves up with confirmation, then the breakout will be confirmed. Wait for a bullish crossover of S-R level.Trade active
Price has been taking support on the trendline. Next week is crucial. If a breakout occurs with confirmation, then price may move towards the upper target quickly.Trade active
Price has again taken support on MLY level. Hold positionTrade active
Price has yet again trying to take support. Exit if the price closes firmly below the trend line or the MLY S/R levelTrade active
Price is starting to move up. Watch out for previous high around 1610 levels. If price crosses it then it'll move towards the target of 1870Note
Price is still inching up. If price breaks previous high of 1610 levels with confirmation, then it'll move up very easily to target.Trade active
Price is still moving up. Watch out for the previous high level of 1610.Note
Keep any eye for a sudden up move as previous high of 1610 has been tested and still not fallen down.Trade closed manually
Price is moving sideways. Closing the trade at profit for now.
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