Symmetrical Triangle in NTPC.

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A symmetrical triangle is a chart pattern characterized by two converging trend lines connecting a series of sequential peaks and troughs. These trend lines should be converging at a roughly equal slope.

1. Symmetrical triangles occur when a security's price is consolidating in a way that generates two converging trend lines 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 technical analysis 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 triangle pattern is often just below the breakout point.
Trade active:
NTPC was struggling to move above 119 for the past 11 trading sessions. It has broken past that level and made a high of 122 today.

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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