IOLCP - A Continuation Wedge (Bullish)

hardeepssethi Updated   
A Bullish Continuation Wedge is a pattern that emerges when there's a brief pause in an ongoing upward market movement. It's characterized by the formation of two trendlines that gradually converge in a downward direction against the prevailing uptrend.

Throughout this consolidation phase, there's a struggle between the bearish and bullish forces. The bears aim to reverse the upward momentum, but ultimately, it's the bulls that emerge victorious. This is evident when the price breaks above the upper trendline of the wedge.

This breakout is seen as a confirmation of the resumption of the previous upward trend, indicating that the bullish momentum is likely to continue.

This bullish pattern can be seen on the daily chart of IOLCP.

  • This chart analysis is only for reference purpose.
  • This is not buying or selling recommendations.
  • I am not SEBI registered.
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