Triangle pattern on daily time frame>>
Constant resistance from the long term trend line above and continuous support from long term trend line below has formed a triangle type pattern.
Breakout from the triangle pattern is visible. Inverted head and shoulders pattern on daily and hourly. Multiple confluence factors has been derived supporting its price.
Technical Indicators>>
Price is trading above the 50 day EMA and RSI indicator looks strong above 60.
Accumulate between 70-85 for 1st target of 90 and 2nd target of 100 and 3rd target of 110 and above. Keep Stop Loss between 60-65
The above idea is for educational purpose. All investments and positions taken is subject to market risk and price fluctuations. Please consult financial advisor before making any decisions.
Constant resistance from the long term trend line above and continuous support from long term trend line below has formed a triangle type pattern.
Breakout from the triangle pattern is visible. Inverted head and shoulders pattern on daily and hourly. Multiple confluence factors has been derived supporting its price.
Technical Indicators>>
Price is trading above the 50 day EMA and RSI indicator looks strong above 60.
Accumulate between 70-85 for 1st target of 90 and 2nd target of 100 and 3rd target of 110 and above. Keep Stop Loss between 60-65
The above idea is for educational purpose. All investments and positions taken is subject to market risk and price fluctuations. Please consult financial advisor before making any decisions.
Trade closed: stop reached:
Due to Covid fears,Russia Ukraine war uncertainty which caused high jet fuel prices the price reached a high of 85 and fell through.