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.
Trade closed: stop reached
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Due to Covid fears,Russia Ukraine war uncertainty which caused high jet fuel prices the price reached a high of 85 and fell through.