IndusInd Bank - Traingle breakoutHi guys, as you can see IndusInd bank has formed triangle pattern ... now if it breaks upper trend-line of the triangle with good volume ... it can give target of 1100+ ( Targets can be varied depends upon ..the blue trend line )
Aggressive entry : - Above 1035
SL: 1020
Super Safe entry : Above 1052-1055
Target is 1100 + ( Depends upon how fast it will move after breakout )
- Once it breakout above blue line as shown in chart ... it can move upto 1200
So please wait for successful breakout, dont jump in any trade.
Things to remember :-
1) Always wait for the confirmation , don't directly jump into any trade.
2) For this stock ... Breakout level is above 1034 --- So aggressive players can take entry above 1034, and Super Safe people can take entry around 1052
3) Conditions for breakout is a big green candle with good volume.
4) After a successful breakout, there is 90% chance it will come back to retest the support, which was once resistance. So if you are a safe player just wait for it to re-test , once it re-test successfully or bounce back from the support, then you can take entry above the recent high.
5) Always keep trailing stop loss. Which you can decide for eg : Tomorrow's SL will be the low of Today's candle ... same way you can trail stop loss.
Note : I am still a learner, Please let me know if i missed something
Disclaimer : This is just for Education purpose only.
