1. Symmetrical triangles occur when a security's price is consolidating in a way that generates two converging with similar slopes.
2. The breakout or breakdown targets for a symmetrical triangle is equal to the distance between the initial high and low applied to the breakout or breakdown point.
3. Many traders use symmetrical triangles in conjunction with other forms of that act as a confirmation.
The price target for a breakout or breakdown from a symmetrical triangle is equal to the distance from the high and low of the earliest part of the pattern applied to the breakout price point. The stop-loss for the symmetrical is often just below the breakout point.
The target on the long side could be roughly around 130, if calculated keeping in mind the width of the triangle.
A long can still be initiated at the CMP of 120 with a stop loss beneath 116 and targets of 130.
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