The triangle pattern is known as a bilateral pattern, which means that after a break-out the trend could either continue or reverse. There are basically 3 types of triangles and they all point to price being in consolidation: symmetrical (price is contained by 2 converging trend lines with a similar slope), ascending (price is contained by a horizontal trend line acting as resistance and an ascending trend line acting as support) and descending (price is contained by a horizontal trend line acting as support and a descending trend line acting as resistance).
The more price approaches the apex (where the trend lines converge), the bigger the chance of a break-out. The triangle pattern has completed when price breaks out of it, in either direction. Conservative traders may look for additional confirmation. The target can be estimated by measuring the height of the back of the triangle and extending it in the direction of the breakout. A common stop level lies just outside the triangle.
BTST IN YESBANK
JAN FUT
STOCK IS NEAR RESISTANCE LEVEL OF 194
WE ARE SEEING CONSTANT BUILT-UP IN OI
NOTE:-MIGHT BE ONLY TILL JAN 09
(YESBANK ANNOUNCEMENT)
BREAKING ABOVE 194 WILL GIVE US
A ASCENDING TRIANGLE BREAKOUT (BULLISH)
BUY@195 (IF CLOSES ABOVE 194)
STOP@190
TARGET@204
LOT:1750
QTY:1
The chart is moving in a narrow range and has created a triangle chart pattern.
ADX is also indicating the strength in downward direction
RSI indicating the stock is loosing it's strength in is ready to go down
I think indusind bank has been in a symmetric traiangle and is looking for a breakout.. Either side but as per my thought I thik it will give break on the down side first and then might rally so looking for a bearish breakout. You got any dought comment.
NSE:INDUSINDBK
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