Technical Analysis: Ascending triangle pattern formed in Idea Cellular

Idea cellular is one of our technical analysis pick today, we see a ascending triangle pattern on weekly chart. If I tell you this pattern is a bi-directional pattern so breakout in such patterns can happen in either side. So we are not certain about the trade that a trader must be taking. In such situations we should keep patience and wait for the breakout first, but as markets are extremely bullish I upside breakout in this stock as well.

Idea has recently tested its resistance level for 4th time, I am sure this level is meant to be broken very soon. Only focus on trade idea is to buy this stock only above 102, right now stock is trading at 97 level. I see upside targets as 125 and 140 in medium term. Stop loss will be placed below 97 level to protect our portfolio.

Idea weekly chart:

Idea Triangle Pattern Breakout

Idea Triangle Pattern Breakout

About Bhaveek Patel

Bhaveek Patel is a technical analyst and investor, his areas of interest includes stock market, forex, gold.

Comments

  1. sudama says

    Triangle pattern is very difficult to find out, but they are effective for trading in a long to medium term period. I have missed this trade. 😛

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