TCS Breakout with Ascending Triangle ?My idea about TCS is clearly visible in Chart.
You can see a Ascending Triangle Pattern formation. Its mostly known for a Positive direction breakout.
We have a lower ascending trendline which is also acting as a support line. You can see Higher lows. Whenever there are higher lows we can say stock is in Up trend.
Upper horizontal trend line is resistance line, you can see the Flat Highs.
This two trend line forming a pattern known as Ascending Triangle Pattern.
So what to do now? Where to take entry?
The answer is simple. We will wait for a breakout. Whenever the stock price breaks the Upper horizontal trendline (resistance). We can take entry after a confirmation candle. For short term or positional as per your preference. But my recommendation is for long term.
Technically you can find your target with a simple calculation.
See in chart, I have measured the distance from resistance to first Low.
A - B = 158.80
Add 158.80 in resistance line price
158.80 + 3164.20 = 3323
We can expect Target near 3323. also you can see this target is near to the resistance from previous highs.
Stock is IT sector leader. Fundamentally strong. Performance is consistently increasing. Nifty 50 stock. Also listed in foreign market.
Can we expect a Bull run ? What do you think ?
This is my personal view. I am neither sebi registered nor stock market expert. You do your own analysis. I am not responsible for any Profit or Loss.
