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Triangle

JPPOWER - Risky - Triangle BO -Wkly- Near Multiyear BOJPPOWER -Risky bet - The Jaiprakash Power Ventures Ltd. (JP Power) weekly chart shows significant bullish momentum after a prolonged period of accumulation. Here’s an analysis based on the chart you provided: ### 1. **Cup and Handle Formation** - **Cup Formation (2017-2023)**: The chart clearly shows a large **cup pattern**, which is a bullish continuation pattern. It started forming around 2017 and completed in 2023. The depth of this cup indicates a long consolidation phase, with strong accumulation at lower levels. - **Breakout**: JP Power broke out of the cup’s resistance around the ₹10.71 level, leading to a sharp upward move. ### 2. **Handle and Continuation** - The handle formation was brief and followed by another breakout, confirming the strength of the pattern. The breakout from the handle shows increasing volumes, a strong bullish sign. ### 3. **Current Consolidation in Triangle** - After the breakout, the stock is currently consolidating in a symmetrical **triangle pattern** between ₹16.63 and ₹23.78. - **Support**: The lower bound of this triangle is around ₹16.63, which also coincides with a previous resistance level. - **Resistance**: The upper bound of the triangle is near ₹23.78, which could act as the next resistance zone. - A breakout above ₹23.78 could lead to a continuation of the bullish trend, possibly taking the stock higher. ### 4. **RSI and Momentum** - The **RSI** (Relative Strength Index) at the bottom of the chart is hovering in the bullish range (above 50), but not yet in overbought territory. This indicates the stock still has room for upward movement. - The recent bounce in RSI suggests that buyers are stepping in to support the stock at current levels. ### 5. **Volume Analysis** - There is a noticeable increase in **volume** during the breakout phases, which indicates strong buying interest. The volume spikes during the key breakout confirm the strength of the move. ### 6. **Targets and Projections** - The measured move from the **cup and handle** pattern, calculated from the depth of the cup (approximately ₹10.71), projects a potential upside target around ₹31.80 in the longer term, which aligns with a previous high seen in 2015. - Near-term resistance levels could be ₹23.78 and ₹31.80 if the triangle breaks to the upside. - Support levels: If the triangle breaks down, the stock might find support around ₹16.63 or even as low as ₹11.00. ### Conclusion: - **Bullish Outlook**: The chart shows a long-term bullish trend, especially after the breakout from the cup and handle pattern. However, the stock is currently in a consolidation phase and traders should watch for a breakout above ₹23.78 for further bullish confirmation. - **Risk Management**: Key support levels to monitor are ₹16.63 and ₹11.00 in case of any pullbacks.
NSE:JPPOWERLong
by VCharts_TA
TATA CHEMICAL WEEKLY TRIANGLE BREAKOUT A triangle breakout is a significant event in technical analysis, indicating a potential continuation or reversal of a trend. Here’s a concise overview: Types of Triangle Patterns Ascending Triangle: Characterized by a horizontal upper trendline and an ascending lower trendline. A breakout above the horizontal line is typically bullish. Descending Triangle: Features a horizontal lower trendline and a descending upper trendline. A breakout below the horizontal line is usually bearish. Symmetrical Triangle: Both trendlines converge symmetrically. A breakout can occur in either direction, depending on the preceding trend1. Trading the Breakout Entry Point: Traders often enter a position when the price breaks through the trendline with significant volume. Target Price: The target is usually set by measuring the height of the triangle’s base and projecting it from the breakout point2. False Breakouts: Be cautious of false breakouts, where the price breaks the trendline but then reverses back into the triangle
NSE:TATACHEMLong
by Faizgazi
Tata Steel Swing Idea (Long)Tata steel might give breakout due to following technical reason's: 1. Double bottom formation 2. Trading above 200 & 20 EMA's 3. Symmetrical Triangle formation 4. Swing Low's are not broken 5. On Monthly pin bar formation, weekly double pin bar break out on progress (Note: Author not responsible for anyone profit or loss, nor a sebi registered RA, this only for educational purpose. Please do your own due diligence before taking any trades.)
NSE:TATASTEELLong
by GauravPrasad_GP
BABA - Symmetrical triangle breakout -Daily - LongThe pattern in the Alibaba (BABA) chart looks like a symmetrical triangle breakout, not a descending wedge. Here's how it aligns: Symmetrical Triangle: This pattern consists of converging trendlines, where both the highs and lows are moving towards a point, forming a triangle. It typically indicates a period of consolidation before the price breaks out, either upward or downward. Breakout: In this case, the price has broken out upwards from the symmetrical triangle, which is often a bullish signal when seen in an uptrend or after a prolonged period of price consolidation. Measured Move: The target price is calculated by measuring the height of the triangle and adding it to the breakout point. This gives a potential target around $157.21 as marked on the chart. Volume Confirmation: The breakout is supported by a surge in trading volume, which helps validate the breakout's strength. In summary, the symmetrical triangle breakout suggests a continuation of the bullish momentum, with key targets around $117 (first target) and $157 (second target).
NYSE:BABALong
by Vem_TA_Charts
GOLD - LongThe chart analysis for Gold (CFDs on Gold, US$/Oz) shows a breakout pattern indicating a strong upward movement. Key observations include: Long-term Ascending Triangle: The chart depicts a long-term ascending triangle, a bullish continuation pattern, indicating a potential further rise. Breakout and Target: A breakout from the triangle suggests a target price of approximately $3,142.47, which represents a move of about 45.60% from the recent level of $2,648.66. Support Levels: Historical support levels are clearly visible, with $720.67 and $250.23 as key areas where price consolidated in past decades. This suggests that gold is in a strong upward trend with bullish sentiment, especially following the breakout from the long-term triangle. The price target and volume indicate possible further gains. For deeper analysis, one could evaluate macroeconomic factors, such as inflation, central bank policies, and demand for safe-haven assets like gold.
TVC:GOLDLong
by Vem_TA_Charts