Kamat Hotels - Ascending Continuation Triangle
An Ascending Continuation Triangle is a bullish pattern has been identified in Kamat Hotels by two converging trendlines, where the lower trendline is rising, and the upper trendline is horizontal.
The pattern indicates that buyers are more aggressive than sellers as the price forms increasingly higher lows and constant highs. Once the supply of shares available at a fixed price depletes, the shares break out from the top trendline and move higher, confirming a continuation of the prior uptrend.
The general rule is that prices should break out somewhere between three-quarters and two-thirds of the horizontal width of the formation, and the breakout should occur well before the pattern reaches the apex of the Triangle. Investors should also consider the volume, support and resistance, moving average, and inbound trend while evaluating the reliability of the pattern (Which in this case has been considered).
Target Price 146.00 - 149.00
Note: This Study is is for educational purpose Only.
The pattern indicates that buyers are more aggressive than sellers as the price forms increasingly higher lows and constant highs. Once the supply of shares available at a fixed price depletes, the shares break out from the top trendline and move higher, confirming a continuation of the prior uptrend.
The general rule is that prices should break out somewhere between three-quarters and two-thirds of the horizontal width of the formation, and the breakout should occur well before the pattern reaches the apex of the Triangle. Investors should also consider the volume, support and resistance, moving average, and inbound trend while evaluating the reliability of the pattern (Which in this case has been considered).
Target Price 146.00 - 149.00
Note: This Study is is for educational purpose Only.
Trade closed: target reached:
Target Achieved!!