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Triangle pattern Breakout in SAILTriangle pattern Breakout in SAIL
From the past 2 years stock was in a down trend forming triangle pattern. Finally it has given breakout from this down trend on 02/01/23 with good volume. In todays trading session price has managed to close above breakout candle. We can expect a decent uptrend in coming days.
All possible targets are marked on the chart. Maintain strict stop loss at 72.5
This is just a view, not recommendation to trade. Do your own analysis before making any investment.
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NSE:SAIL
triangle pattern | PELtriangle pattern formation in Piramal Enterprises Ltd.
add to watch list for breakout
At the start of its formation, the triangle is at its widest point. As the market continues to trade in a sideways pattern, the range of trading narrows and the point of the triangles formed. In its simplest form, the triangle shows losing interest in an issue, both from the buy-side as well as the sell-side : the supply line diminishes to meet the demand.
Think of the lower line of the triangle, or lower trendline, as the demand line, which represents support on the chart. At this point, the buyers of the issue outpace the sellers, and the stock's price begins to rise. The supply line is the top line of the triangle and represents the overbought side of the market when investors are going out taking profits with them.






















