Hello Traders, i have brought another analysis on a pattern breakout which called (Rising Channel Pattern). Well i have marked and written most of the things on chart, but still i am gonna to teach you here guy's about this pattern so if you see this type of Rising channel pattern next time, So at least you guy's will be able to trade. So Let's start.
We can see a monthly closing above levels of 65 for the first time in Equitasbnk. The level was a strong supply zone which can now act as a strong support.
The stock can easily move 20-30% or more in short term if we see a weekly closing above 70 this week. Even ATH level is 5% up from here which is a good swing target.
Keep on your watchlist to track.
This is simple Monthly Chart of COLGATE PALMOLIVE (COLPAL) and it is respecting the trendline and the resistance line, thus in a UPTREND CHANNEL since 2009.
Long term trend always prevails in the market, Even if someone is stuck in a stock at wrong time but if its longer trend is in uptrend there are high chances that it will recover some day.
High time frame...
The analysis is done on monthly TF hence price may take few months to even a couple of years in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Feel Free to comment below this or connect with me...