Rising Triangle formation in KPITTECH
Updated
KPITTECH chart is forming a rising triangle after a good retracement.
Rising triangles are theoretically supposed to breakout to the upside and continue the price higher but practically you'll find many examples where it breaks down below the rising trendline.
on the upside, the price is getting rejected on horizontal resistance and forming hammers/spinning tops.
Wait for it to break on either side to take a trade. if it breaks to the upside, one should wait for a retest of the trendline.
Rising triangles are theoretically supposed to breakout to the upside and continue the price higher but practically you'll find many examples where it breaks down below the rising trendline.
on the upside, the price is getting rejected on horizontal resistance and forming hammers/spinning tops.
Wait for it to break on either side to take a trade. if it breaks to the upside, one should wait for a retest of the trendline.
Note
The price broke out above the horizontal resistance line with a gap up but it could not sustain the breakout. It's hovering around the line but if we connect the highs and lows, the chart looks different.I will update here when I find a better opportunity in this chart. Consider following me for the future updates and ideas.
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