I have a query Mr Kalyan, this pattern is a continuation pattern so upside breakout is done. But breakout should be done near about 67 - 80% of the length of triangle. But here the breakout done at the apex of the triangle. How much you confidence you are that stock will go up? Tomorrow is AGR hearing.
kalyanganguly
⋅
@Cfa_Arvind, hello sir... I will be honest with you that I don't follow any news so I am not aware of the AGR hearing. However, I believe once a triangle breakout is done, there is usually a side ways movement. Moreover, if you see the chart for today, inspite of sharp fall, the candle formed did not retrace all the way back to the upper arm of the triangle. Hence, I am positive on the up move but there is a high probability of side ways movement for sometime. Let's see sir. I might be wrong as well. Just to add, sometimes these are false breakout as well. But I have a high coviction when the breakout happens with high volume.
Cfa_Arvind
⋅
@kalyanganguly, Good to hear you that you follow price action and chart not news, but when something special like today AGR.