praveen.bhatiya
Long

Diamond Pattern Breakout NTPC !

NSE:NTPC   NTPC LTD
The Stock has given breakout from one of the rarest pattern i.e. Diamond pattern. It works continuation pattern and formed half way. Those who are interested can trade in the direction of the breakout better on some dips.
Trade closed: target reached

Comments

whats target for this pattern
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praveen.bhatiya KADAMBALASAHEB
@KADAMBALASAHEB, If this diamond acts as a continuation pattern for calculating the target we measure the move prior to the diamond and add it to the price on breakout. Price moved from 149.2 to 161 so the minimum target would be 178.55 (166.75 + 11.8) which seems easily possible as there is no overhead resistance.
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praveen.bhatiya KADAMBALASAHEB
@KADAMBALASAHEB, It made a price of 178.25 so almost made the target of 178.55.
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KADAMBALASAHEB praveen.bhatiya
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praveen.bhatiya KADAMBALASAHEB
@KADAMBALASAHEB, Thanks
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