Trade details as per chart.
Some Facts about symmetrical triangle formation (Ref. From Edward and Magee)
1. Symmetrical Triangles are subject to false moves to a far greater extent than the Head- and-Shoulders Formation or any of the other formations.
2. Symmetrical Triangles—lacking an actual statistical count, our experience would suggest more than two-thirds of them—behave themselves properly, produce no false signals that cannot be spotted before any damage is done. Upside breakouts on high may be premature in the sense that prices return to pattern and do some more “work” there before the genuine uptrend gets under way, but they seldom are false.
3.Prices may move out of a Symmetrical Triangle either up or down. There is seldom, if ever, as said above, any clue as to direction until the move has actually started, that is, until prices have broken out of their triangular “area of doubt” in decisive fashion. In a very general way, the precepts laid down for breakouts from Head-and-Shoulders Formations apply here as well. For example, the margin by which prices should close beyond the pattern lines is the same, roughly 3%. It is equally essential that an upside break in prices be confirmed by a marked increase in trading ; lacking , do not trust the price achievement. But a downside breakout, again as in the case of the Head-and-Shoulders, does not require confirmation by a pickup in activity. As a matter of record, does visibly increase in most cases, but in a majority of down breaks, it does not do so to any notable extent until after prices have fallen below the level of the last preceding Minor Bottom within the Triangle, which, as you can see, may be several points lower than the boundary line at the place (date) of the actual breakout.
4. The curious fact is a downside breakout from a Symmetrical Triangle attended to right from the start by conspicuously heavy is much more apt to be a false signal rather than the start of a genuine downtrend that will be worth following. This is particularly true if the break occurs after prices have worked their way well out into the apex of the Triangle; a high crack then frequently—we might even say usually—develops into a two- or three-day “shakeout,” which quickly reverses itself and is followed by a genuine move in the up direction.
Nevertheless, the charts of other stocks often furnish valuable collateral evidence; thus, if at the same time you detect a Symmetrical Triangle in the process of formation in “TATA POWER,” a majority of your charts are showing Saucers or Head-and-Shoulders Bottoms or Ascending Triangles or some other pattern of typically import, it is a fair assumption that your Symmetrical Triangle will break out topside. There are times when advance indications of this sort are strong enough to justify taking a position on it.
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This is one person’s experience, your experience may differ.