It is been observed that the price action breaks out from a ascending triangle on daily chart, indicating further bullishness. Now, it shall reach out to the next resistance levels as marked by triangle pattern rules.
On weekly chart, it is observed that the reliance is breaking out from a ascending triangle indicating trend continuation and strength in price action. Now it shall reach to 1140-1150 levels before it retaces back.
SBI in 15min charts is ranging for few days same as its big brothers Nifty and BankNifty. Atleast SBI was kind enough to show us the triangle pattern and gives us setup for Breakout. Now, if you throw a stone in Markets, it will be forming breakout patterns only, except few. That much ranging going on. All just for Fed meet on Sep 20-21, as usual this meet will...
On weekly chart, I observed that the price action is forming a descending triangle, which is a continuation pattern. It is a good time to put this one in our watch list and wait for couple of weeks to see a breakout from this with a high volume.
On Hourly Chart of Nifty, I have observed a formation of Ascending Triangle, where we have two almost equal horizontal highs points and Three Higher Lows with Doji formation at the touch of trendline.
This pattern is bullish pattern and indicates accumulation.
Look forward to a breakout with strong candlestick on either side.
Cipla is consolidating for longer-time in hourly timeframe also, so I expect the breakout to be wild one atleast on 15mins, lets see what happens.
Happy Trading ! Happy Monday - Only we traders have guts to say Happy Monday :)