johntradingwick

Kotak Bank - Symmetrical triangle + Bullish market structure

Long
NSE:KOTAKBANK   KOTAK MAHINDRA BAN
The price was forming a symmetrical triangle that broke upwards. But the price is getting rejected from the 1820-1830 zone. The 200 MA is also acting as strong resistance in the 1830 zone. Hence 1830 is a crucial level. If the price manages to sustain above 1830, then we can head towards 1900 and upwards. I have made an illustration on the left-hand side, to explain the symmetrical triangle pattern .

Targets: 1900, 1993, 2045

Highlights:

1. Symmetrical triangle
2. Resistance from 1820-1830 zone
3. 200 MA also acting as resistance at 1830 zone
4. Sustenance above 1830, will push the price towards 1900
4. Targets: 1900, 1993, 2045

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.

Rajat Kumar Singh,
B.Tech. (Delhi Technological University)
Community Manager (India), TradingView

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