NSE:BankNifty seems to be poised to break out of an upward-sloping right-angled triangle today (April 30th, 2020). An attempt was made on April 29th but was rejected in the second half of the session. Need to confirm if the breakout today sustains on a closing basis. If so, this could be a good opportunity to go long.
The pattern is also called Megaphone. It has also formed 3L-Reversal at the top so one can short the stock wherever stop loss of 139.9 on closing basis is affordable. If the pattern works one can expect the price to touch the lower line around 112. Safe trader can book the profit on fib level that too offers a good risk to reward ratio