OurNifty.com

A Indian Stock Market Blog

Technical Analysis: Ascending triangle pattern formed in Idea Cellular

By 4 Comments

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
Share
Tweet
Pin
0 Shares

You Should Read This:

  1. Technical Analysis: How Double top pattern is traded A double top pattern is one of most simple and reliable pattern in technical analysis. There is a high probability that a trader will predict correct move most of the time. This pattern is very...
  2. Technical Analysis: How to trade Double bottom pattern Double bottom pattern is just opposite of double top pattern that we have discussed previously. This pattern is very easy to trade and learn how the market forces will be changing the direction of stock...
  3. Technical Analysis: JP Associates tests trend line support JP Associates on the daily chart is on the perfect uptrend and as the trend is up we only focus on buying it on every declines. Last 2 trading session has been interesting for the...
  4. Short term Stock: Grasim is trading at support, Buy on dips Grasim industries is another stock that is trading at a strong support level and is ready for up move, Stocks on weekly chart shows a up trend hence we only focus on buying opportunities. Recently...
  5. Technical Analysis: Maruti Suzuki trading at Support level Maruti Suzuki stock is in an uptrend on a medium-term chart. But the stock is correcting on the daily chart and is now trading at a support level. This support is provided by a 50%...
About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

Comments

  1. Andrew Hanlond says

    I love to use ascending triangle pattern; they are easy to spot/draw and very effective.

    Andrew

    Reply

  2. 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. 😛

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post:
Next Post: